Registered Charity Number: 1117868
Company number: 05773999
THE BARING ARCHIVE LIMITED
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
THE BARING ARCHIVE LIMITED
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
| CONTENTS | Page |
|---|---|
| Trustees and professional advisers | 1 |
| Trustees’ report | 2 - 5 |
| Independent Examiner’s report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 12 |
THE BARING ARCHIVE LIMITED
TRUSTEES AND PROFESSIONAL ADVISORS
YEAR ENDED 31 DECEMBER 2024
TRUSTEES
The Hon. J H T Russell (Chair) Lord Ashburton C M Hudd The Hon. Mrs. A G Macpherson Dr R Olegario S M Ormston J C Zibarras R Williams J McCarthy (Appointed 25th September 2024)
COMPANY SECRETARY
A N Marsh
REGISTERED ADDRESS AND PRINCIPAL OFFICE
8-10 Moorgate London EC2R 6DA
BANKERS
Lloyds Bank plc P.O. Box 1000 Andover BX1 1LT
INDEPENDENT EXAMINER
Richard Weaver FCA HaysMac LLP 10 Queen Street Place London EC4R 1AG
REGISTERED COMPANY NUMBER
05773999
REGISTERED CHARITY NUMBER
1117868
1
THE BARING ARCHIVE LIMITED
TRUSTEES’ REPORT
YEAR ENDED 31 DECEMBER 2024
The Trustees, who are also the directors for the purposes of company law, present their annual report and financial statements for the year ended 31 December 2024. These have been prepared under Charities Act 2011 and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second bulletin effective January 2019). The financial statements comply with all other statutory requirements and the requirements of the Charity’s governing document.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Baring Archive Limited is a registered Charity and is governed by its memorandum and articles of association. It was incorporated on 7 April 2006. The Charity is governed by a Board of Trustees. The Trustees have been appointed based on their skills and experience. Any new Trustees appointed will be measured against these criteria.
KEY MANAGEMENT PERSONNEL REMUNERATION
The Trustees consider the board of Trustees as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day to day basis. All Trustees give their time freely and no Trustee remuneration was paid in the year. Details of Trustee’s expenses are disclosed in note 4 to the accounts.
OBJECTIVES, AIMS AND ACTIVITIES
The principal objective of the Charity is to maintain the Baring Archive and make it available to the public for viewing and research.
TRUSTEES
The Trustees who held office during the relevant period were:
The Hon. J H T Russell (Chair) Lord Ashburton C M Hudd The Hon. Mrs. A G Macpherson Dr R Olegario S M Ormston J C Zibarras R Williams J McCarthy (Appointed 25th September 2024)
REVIEW OF ACTIVITIES FOR THE PUBLIC BENEFIT
The main objectives of the Charity are to maintain and conserve the Baring Archive and to make it available to the public for viewing and research. During 2024, the Charity undertook a variety of activities for the public benefit in line with these objectives.
To ensure that information about the Baring Archive is available to the public, the Charity continued to maintain and update its website on a regular basis. The website had just over 6015 visitors in 2024.
2
THE BARING ARCHIVE LIMITED
TRUSTEES’ REPORT
YEAR ENDED 31 DECEMBER 2024
REVIEW OF ACTIVITIES FOR THE PUBLIC BENEFIT (CONTINUED)
The Archive continued to be made available to the public for viewing and research. In 2024 there were 69 research visits facilitated for researchers. Most of these researchers came from academia. During 2024 the Archive team were able to respond to 58 research enquiries mainly received via email. The Archive hosted visiting groups throughout the year. In total 377 external guests were introduced to the collections. Items from the Archive continued to be displayed publicly where circumstances allow and paintings from the Trust’s collection continued to be on loan at the Rijksmuseum in Amsterdam, Winchester College, and the Carlton Club. The Archivist also gave a presentation to MA students at LSE encouraging them to use the archive for their group project and dissertation.
In 2024 the Charity continued to finance a Digital Archives Assistant working part time to advance the Archive’s digitisation projects. Imaging of the American House Correspondence collection (HC5) was completed in 2023 and in 2024 the images were uploaded to the Archive’s digitisation platform and made available on our digitisation portal. The Netherlands House Correspondence collection (HC8) consisting of 25 volumes and 9 boxes of papers was also fully catalogued, conserved and imaged and then uploaded to the digitisation platform. A survey of 195 bound volumes in the Partners File collection was carried out in October 2024 in preparation for the commencement of digitisation of these volumes in 2025. During 2024 a total of 411 ingests were made representing 72,736 files and 1,283,12 GB of data. The publicly accessible Baring Archive Digital Collections platform has been accessed by 2718 visitors in 2024, continuing to expand the reach of the Archive.
The Archivist, Digital Archives Assistant and Archives Intern have continued to build networks and partnerships within the corporate and cultural sector for example with the Business Archives Council, the European Association for Banking History, the National Archives, the Monetary History Group, the City Archivists Group and the Archives and Records Association. The team continue to participate in online meetings, webinars, and catchups to keep in touch with the sector and promote the Archive. An academic workshop was held on 8-9 February 2024 on the theme of Finance and International Relations in the long 19[th] century. The workshop provided a platform for four academic users of the archive to share their research with an audience of 22 invited academics from the UK, Europe and South America.
In September 2021 the Archive commenced a Collaborative Doctoral Award with the Open-Oxford-Cambridge Doctoral Training Partnership. A doctoral student based at Oxford University began a project looking at “Women and Work in the City of London, 1870-1970” and the Archive continues to work with this student to assist with their research.
The Trustees of the Archive continued to take steps to improve awareness of records in the Archive relating to Barings’ connections with slavery. In partnership with ING Bank, Barings and the University of Leeds a PhD student is exploring the historic involvement of Barings in financing activities related to slavery. The studentship commenced in the autumn of 2022 and is now into the third year. The Archive’s main contribution is to facilitate access to its collections to support the PhD student carrying out the project.
The Trustees are satisfied that they have complied with the duty under the Charities Act 2011 to ensure that the activities undertaken by the Charity are for the public benefit.
3
THE BARING ARCHIVE LIMITED
TRUSTEES’ REPORT
YEAR ENDED 31 DECEMBER 2024
FINANCIAL REVIEW
The Charity's income was £199,054 in this 12-month period of activity ended on 31 December 2024 compared to £194,650 in the 12 months to 31 December 2023. The total expenditure was £204,801 for the 12 months of activity to 31 December 2024 compared to £234,976 in the 12 months to 31 December 2023.
Total reserves carried forward at 31 December 2024 was £215,695 (2023: £221,442) consisting of unrestricted general funds. Details of movements on fund balances are set out in the notes to these accounts.
RESERVES POLICY
The reserves of the Charity as at 31 December 2024 were £215,695 (2023: £221,442). The Trustees have determined that the Charity should hold reserves of not less than £100,000 in order to allow the Charity to continue in operation in the event of any unexpected reduction in income or any unexpected cost. Consequently, the Trustees plan to allocate £115,695 of the surplus reserves towards a continuing programme of conservation and digitisation of the Archive records.
RISK REVIEW
The principal risks faced by the Charity are as follows:
-
policy objectives being in breach of Charity laws and regulations;
-
loss of, or damage to materials from the Archive; and
-
importing data from outside computers and the risk of computer viruses
The Trustees are satisfied that the above principal risks have been mitigated to the extent possible. The Trustees have considered the major risks to which the Charity is exposed and have reviewed these risks and established systems and procedures to manage them. The main risks to the Charity are breaches of Charity laws and regulations, loss of or damage to material from the Archive and importing data from outside computers and risk of virus.
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.
PUBLIC BENEFIT
The Trustees confirm that they have given due consideration to the Charity Commission’s general guidance on public benefit. These requirements are addressed in this report.
FUNDRAISING
Since the Trust's income is derived from licencing fees of intellectual property, it does not undertake fundraising activities; it is nevertheless mindful of the Code issued by the Fundraising Regulator.
PLANS FOR FUTURE PERIODS
The Trustees will continue to support the objectives of the Charity, for the foreseeable future.
4
THE BARING ARCHIVE LIMITED
TRUSTEES’ REPORT
YEAR ENDED 31 DECEMBER 2024
TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law 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 the profit or loss of the Charity for that period. In preparing those financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in business;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
The Trustees are responsible for keeping adequate accounting records which are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
On behalf of the Trustees
A N Marsh Secretary to the Trustees Date: 17 September 2025
5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BARING ARCHIVE LIMITED
I report to the Charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the Charity’s Trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
INDEPENDENT EXAMINER’S STATEMENT
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by Charities applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Kebleasees
Richard Weaver FCA
HaysMac LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG
Date: 23 September 2025
6
THE BARING ARCHIVE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account)
YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Income from: | |||
| Donated services | 140,187 | 136,398 | |
| Investment income | 3,867 | 3,252 | |
| Other income | 55,000 | 55,000 | |
| -------------- | -------------- | ||
| Total income | 2 | 199,054 | 194,650 |
| -------------- | -------------- | ||
| Expenditure on: | |||
| Charitable expenditure | (204,801) | (234,976) | |
| -------------- | -------------- | ||
| Total expenditure | 3 | (204,801) | (234,976) |
| -------------- | -------------- | ||
| Net (expenditure) and movement in funds | (5,747) | (40,326) | |
| Reconciliation of funds | |||
| Funds balances brought forward | 221,442 | 261,768 | |
| ------------- | ------------- | ||
| Funds balances carried forward | 215,695 | 221,442 | |
| ======== | ======== |
All of the above amounts relate to continuing activities.
There were no gains and losses other than those shown in the above Statement of Financial Activities. All funds are unrestricted.
The notes on pages 9 to 12 form part of these financial statements.
7
THE BARING ARCHIVE LIMITED
BALANCE SHEET (Company number: 05773999)
YEAR ENDING 31 DECEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 156,462 | 163,943 | |
| Debtors | 6 | 62,953 | 60,979 |
| ------------- | ------------- | ||
| 219,415 | 224,922 | ||
| CREDITORS: amounts falling due within one year |
7 | (3,720) | (3,480) |
| ------------- | ------------- | ||
| NET ASSETS/(LIABILITIES) | 8 | 215,695 | 221,442 |
| ======== | ======== | ||
| FUNDS | |||
| Unrestricted funds | |||
| General | 9 | 215,695 | 221,442 |
| ------------- | ------------- | ||
| Total funds | 215,695 | 221,442 | |
| ======== | ======== |
For the year ended 31 December 2024 the charitable company was entitled to an exemption under section 477 of the Companies Act 2006. No members have required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The Trustees acknowledge their responsibility for (i) ensuring the Charitable company keeps accounting records which comply with section 386 of the Companies Act 2006; and (ii) preparing accounts which give a true and fair view of the state of affairs of the charitable company of its surplus or deficit for the financial year in accordance with section 394 of the Companies Act 2006, and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts so far as applicable to the charitable company.
The notes on pages 9 to 12 form part of these financial statements.
The accounts were approved and authorised for issue by the Trustees on 17 September 2025 and signed on their behalf by:
A N Marsh Secretary to the Trustees
8
THE BARING ARCHIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDING 31 DECEMBER 2024
GENERAL INFORMATION
The Baring Archive Limited is a charitable company incorporated in England and Wales, with the company registration number 05773999, and the Charity registration number 1117868. The registered office is 8-10 Moorgate, London, EC2R 6DA. The principal objectives of the Charity are set out within the Trustees Report, on page 2.
1. ACCOUNTING POLICIES
Basis of accounting
The accounts have been prepared 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) - (Charities SORP FRS 102) (Second bulletin effective January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Charity 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 note.
The financial statements are presented in UK Sterling, which is the Charity's functional currency, and rounded to the nearest pound.
Going concern
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. The Charity has considered its contingency plans as a result of Covid19, and the Trustees believe this will be sufficient to continue as a going concern. The Charity has a low level of forward expenditure commitments, so can readily adjust to changes in income received. The Charity therefore continues to adopt the going concern basis in preparing its financial statements. The financial statements do not include the adjustments that would result if the Charity was unable to continue as a going concern.
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.
Income
Income is accounted for on a probable and accruals basis and where the Charity is entitled to income. The amount of income to be received can be measured reliably. Donated services and facilities are included as notional income at the best estimate of their value to the charitable company.
Expenditure
Expenditure is accounted for on an accruals basis and includes the notional cost of donated services and facilities.
Debtors
Short-term debtors are measured at transaction price, less any impairment.
Creditors
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
Fund Accounting
General – Represents the income and expenditure available for use by the Charity in accordance with its charitable objectives.
9
THE BARING ARCHIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDING 31 DECEMBER 2024
Estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustee's best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any estimates and judgements.
Donated services
The value of donated services provided to the Charity are recognised at their open market value in the period in which they are receivable as income, where the benefit to the Charity can be reliably measured. An equivalent amount is included as expenditure under the relevant heading in the Statement of financial activities.
INCOME FROM CHARITABLE 2 ACTIVITIES
| 2 | INCOME FROM CHARITABLE ACTIVITIES |
||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Donated Services | 140,187 | 136,398 | |
| Investment Income | 3,867 | 3,252 | |
| Other Incoming Resources | |||
| Licensing Fees on Intellectual Property | 55,000 | 55,000 | |
| ------------- | ------------- | ||
| 199,054 | 194,650 | ||
| ======== | ======== | ||
| 3 | EXPENDITURE | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Maintenance Costs | |||
| Incurred | 60,894 | 95,098 | |
| Donated | 140,187 | 136,398 | |
| Independent Examiner's Fee | 3,720 | 3,480 | |
| ------------- | ------------- | ||
| 204,801 | 234,976 | ||
| ======== | ======== |
Maintenance costs of £140,187 (2023: £136,398) represents services donated by ING Bank, as set out in note 2. Increase in donated services from 2023 to 2024 as a result of an increase in staff costs.
10
NOTES TO THE FINANCIAL STATEMENTS (continued)
THE BARING ARCHIVE LIMITED
YEAR ENDING 31 DECEMBER 2024
4 TRUSTEES’ REMUNERATION AND REIMBURSED EXPENSES
No Trustee received remuneration for their services during the year (2023: £nil). No Trustee received reimbursed for expenses during the year (2023: £nil).
5 RELATED PARTY TRANSCTIONS
A deed of loan exists for the loan of the Archive and historical portraits from ING Bank N.V., London branch. ING Bank N.V., London branch is the beneficial and legal owner. A balance of £25,000 (2023: £25,000) was due from ING Bank N.V. London branch as shown under note 6 to the accounts.
There were donated services from ING Bank N.V., London branch totalling £140,187 (2023: £136,398).
There were no other related party transactions during the year .
| 6 | DEBTORS | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| Amount Due from related party | 25,000 | 25,000 | |
| Other income | 30,000 | 30,000 | |
| Other receivables | 7,953 | 5,979 | |
| ------------- | ------------- | ||
| 62,953 | 60,979 | ||
| ======== | ======== | ||
| 7 | CREDITORS | 2024 | 2023 |
| £ | £ | ||
| ------------- | ------------- | ||
| Accruals | 3,720 | 3,480 | |
| ======== | ======== |
8 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| General | Funds | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Current assets: Other | 219,415 | 224,922 |
| Current liabilities | (3,720) | (3,480) |
| ------------- | ------------- | |
| 215,695 | 221,442 |
|
| ======== | ======== |
11
THE BARING ARCHIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDING 31 DECEMBER 2024
| 9 | FUNDS | Balance at 1 January 2024 |
Income | Expenditure | Transfers between Funds |
Balance at 31 December 2024 |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | ||
| Unrestricted funds: | ||||||
| General funds | 221,442 | 199,054 | (204,801) | - | 215,695 | |
| ------------- | ------------- | ------------- | ------------- | ------------- | ||
| Total unrestricted funds |
221,442 | 199,054 | (204,801) | - | 215,695 | |
| ------------- | ------------- | ------------- | ------------- | ------------- | ||
| Total funds | 221,442 | 199,054 | (204,801) | - | 215,695 | |
| ======== | ======== | ======== | ======== | ======== | ||
| FUNDS | Balance at 1 January 2023 |
Income | Expenditure | Transfers between Funds |
Balance at 31 December 2023 |
|
| £ | £ | £ | £ | £ | ||
| Unrestricted funds: | ||||||
| General funds | 261,768 | 194,650 | (234,976) | - | 221,442 | |
| ------------- | ------------- | ------------- | ------------- | ------------- | ||
| Total unrestricted funds |
261,768 | 194,650 | (234,976) | - | 221,442 | |
| ------------- | ------------- | ------------- | ------------- | ------------- | ||
| Total funds | 261,768 | 194,650 | (234,976) | - | 221,442 | |
| ======== | ======== | ======== | ======== | ======== |
12