THE PENSIONS ARCHIVE TRUST (A company limited by guarantee) Company number 05537793 Registered Charity number 1122633 Registered Office: 90 Fenchurch StreeL London, EC3M 4ST Report and Financial Statements for the year ended 31 August 2024- Unaudited Contents Directors, Report Statement of Financial Artivities and Balance Sheet Notes forming part of the financial statements li 13 Directors Jeff Highfield (Chairman) Dryally Avrahampour Christopher Bedford - retired 7th February 2024 Jonathan Bull- retired 16th July 2024 Grant Lore Jane Marshall David Robertson - retired 7th February 2024 Alkesh shah th Gary Yeaman- appointed 29 November 2023 Secretary Grant Lore Accountant Jeff Highfield Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ
DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Introduction The Pensions Archive Trust (PAT) was incorporated as a Company Limited by Guarantee on 16 August 2005 under Company no. 05537793. PAT'S registration as a charity was approved by the Charity Commission with effect from 5 February 2008 under No. 1122633. Governance President and Vice-Presidents A number of leading members of the pensions community have continued to be involved with the work of PAT, including Dame Jane Newell as our President and Chris Lewin, Tom Ross and Malcolm McLean as Vice-Presidents. In addition, shortly after the year-end, Chris Bedford and Jonathan Bull accepted invitations to become Vice-Presidents following retirement as directors. This recognises the significant contribution they have both made since the formation of the Pensions Archive Trust, and their desire to assist where possible in the future. Members In addition to the following two subscribers to the original Memorandum of Association: Alan Herbert Michael Young applications to become Members of the Trust Company have been accepted by the directors from the following: Dr Yally Avrahampour, Christopher Bedford, Jocelyn Blackwell, Jonathan Bull, Peter Dawes, Jeff Highfield, Martin Kellaway, Bryan King, Grant Lore, Jane Marshall, Dame Jane Newell, Michael Pomery, David Robertson, Tom Ross, Alkesh Shah, Eddie Thomas and Gary Yeaman. The total Membership stands at nineteen. Board of dirertors and officer5 The directors throughout the year were as stated on Page l. Gary Yeaman was appointed as a director on 29th November 2023 and, in accordance with the Articles of Association, retired at the Annual General Meeting on 7 February 2024. Gary offered himself for re-election and was duly re-elected. Jeff Highfield, Yally Avrahampour, and Alkesh Shah retire by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election. Directors of the Company are recruited from amongst persons known to be suitably qualified and other than at general meetings, according to the Articles of Association, are appointed by resolution of the existing directors.
The board of directors met on six occasions during the year, whilst the Joint Liaison Committee of representatives of PAT and the London Archives of the City of London (LAI {formerly known as the London Metropolitan Archives) met on five occasions. Grant Lore continued in his role as company secretary and Jeff Highfield continued as company accountant. Alexia Koch completed her one-year period as a graduate intern on 3 May 2024. Alexia provided archival services for PAT during the financial year, subjectto appropriate supervision and guidance. The directors record their grateful thanks for Alexia's significant contribution during her time as a graduate intern. The intern's time, and consequently the related employment costs, have been shared between PAT and the LA. Following the completion of Alexia's internship, the board of director5 and representatives of the LA agreed to review the most appropriate approach to archival services. At the time of writing this review is ongoing, and the directors will provide an update at the forthcoming Annual General Meeting. PAT'S Objective5 PAT'S principal objectives are: i) to advance the education of the public in the knowledge of all aspects of occupational and personal pension schemes as operated in the United Kingdom, Northern Ireland, the151e of Man and the Channel Islands; ill to educate those involved in the establishment and maintenance of such schemes; iii) to provide an easily accessible resource to students studying for first degree, post graduate courses, qualifications in pensions and other related professions, Academics, Lawyers, Actuaries, Communications Specialists, Economists, Politicians, Political Parties, Journalists, Insurance Companies, Investment Managers, Trade Unions, Employers, Employees, Pension Managers, Pension Scheme Trustees, Secretaries to Trustees of Pension Schemes, National and Local Government Employees, Researchers and others, including all involved in the provision of pensions for the retired, sick or disabled or otherwise involved in such activity that may necessitate acce5S to such a resource; iv) to establish one or more permanent archives or libraries. The directors regularly review the Companvs 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. In particular, the directors have kept under review the implementation of strategies, based on PAT'S Strategy Plan, which covers a five- year period up-to January 2027. Pursuant to objectives iii) and iv) above, PAT'S permanent archive has been maintained at the LA, at 40, Northampton Road, London ECIR OHB.
The London Metropolitsn Archives becomes the London Archives In early August 2024, the London Metropolitan Archives (LMAI rebranded as the London Archives ILA), having undertaken market research about name awareness and its offering. The LA remains funded and managed by the City of London Corporation. Collertions in the Pensions Archive Pensions Archive material is accessible to all researchers through the LA reading rooms: such access is free of charge, although the normal LA scale charges apply in respect of the added Cost of extraction, analysis or copying of materials on researchers, behalf from the Archive. Researchers can order Pension Archive material online ahead of visiting the LA reading rooms. More information is available through PAT'S website www. ensionsarchive.or .uk usage of which is monitored regularly and reviewed by the Joint Liai50n Committee. On-line access to further selected material from the collections remains under discussion. PAT'S website has for some time included a number of items from amongst the George Ross Goobey papers. This facility was extended to include a much wider range of George Ross Goobey's papers and speeches on pensions in January 2019. In addition, the full collection of the Association of Consulting Actuaries is digitised which the Association kindly financed and can be viewed on-line. The availability of these collections online is frequently highlighted in a monthly column, written by Jane Marshall, in Pensions Age magazine. The directors continue to consider this area carefully with the LA, with a view to further development. During the year, PAT received a new collection from the Metal Industries Group Staff Pension Fund, which unusually had a mortgage link. The Pensions Management Institute also deposited additional material. The National Bus Pension Fund, including Tillings, collected by the late Peter Fairweather; the aforementioned Metal Industries Group Staff Pension Fund; and the Greater London Pensioners, Association material were catalogued and are available to view. Work also commenced on the substantial collection for the Former Registered Dockworkers, Pension Fund. Some additional library material was also acquired. Promotional and other work PAT has a monthly column in Pensions Age, written by Jane Marshall, which is also available online. PAT contributes further article5 when opportunities arise and, during the year, Jeff Highfield wrote an article highlighting the opportunities for preserving pensions history for defined benefit schemes that are currently in the process of winding-up. This was published in the July/August edition of Pensions Age. PAT is increasingly active on social media, particularly Linked-ln, where the monthly Pensions Age articles are publici5ed. In addition, PAT has begun publishing in instalments, the history of workplace pensions over the past 100 years on Linked-ln and on PAT'S website. The directors continue to monitor social media activity and its reach.
Podcasts are increasingly popular and Jeff Highfield participated in the Pension5 Barrister podcast in September, highlighting PAT'S work. The podcast can be accessed at www. ensionsbarrister.com. Industry Profile and the Pensions and Lrfetime Association's (PLSA) Centenary PAT'S major objective recently has been to increase its visibility with the pensions community. The directors agreed this was the first step to expanding PAT'S work, to raise further funds, obtain more archival material, and involve more people in our work. A major example of trying to increase visibility wa5 PAT 5UPPOrting the PLSA with its centenary celebration5, including writing an article on the history of workplace pensions over the past one hundred years, which also highlights the PLSA'S role in the development of occupational pensions over this period. PAT had a stand at the PLSA'S annual conference in Manchester in October 2023, displaying a selection of archival material from the PLSA, alongside a small selection of artefacts from other collections. It was an excellent opportunity to publicise PAT'S work and engage with those active in the pensions industry. In addition, representatives from PAT have attended other conferences including the Professional Pensions and PMI'S Annual Conferences. Website PAT'S website was originally developed shortly after its formation. The directors were aware that websites have changed significantly during this period and considered very carefully the right approach to refreshing the site to make it engaging for its users, accessible on a variety of devices, and easier to update. In March 2024, PAT launched a completely redesigned website, ensuring acce55ibility on all types of devices, and illustrating the importance of PAfs mission in a fresh and attractive way. The website address is: htt ensionsarchive.or The aim of this significant investment is to make PAT'S archives more accessible to academics and historians, as well as current pensions practitioners, so they can research current pension5 issues in the light of what worked {or didn't work) in the past. In addition, the website was developed to make it easier for individuals and corporations to donate money. Advisory Group The director5 recognise the importance of seeking views and input from others active in the pensions industry, who are unable or do not wish to commit to a more formal role, such as becoming a director. Consequently, the directors have recently established an Advisory Group to assist PAT with its development and operations and are grateful to those who have agreed to join the Group. The directors consult with the Advisory Group periodically, and did so specifically in advance of the PLSA Conference in 2023, and during the development of the website. A meeting of the Advisory Group is arranged for early November to seek input into future strategy and operations.
Future ambitions The directors, ambitions for the future are to expand the collections of archive material from a variety of sources, and to extend PAT'S reach among pension schemes and their advisors. PAT recognises that defined benefit pension schemes have reached a crucial juncture in their history, and that there is now a real and present risk that the disappearance of pension schemes through wind-up, buy-out, and consolidation, could lead to the loss of their documentary and material history. PAT wants to preserve it for the benefit of academics, historians, and pensions professionals. In addition, PAT recognises a similar trend and opportunity with employer own-trust based defined contribution pension schemes, where there is consolidation to a smaller number of larger schemes, principally through multi-employer Master Trusts. PAT recognises the need to move beyond the preseniation of physical archives into the conservation of "born digital" material, and the digitisation of physical materials, to increase accessibility. Friends of PAT The Friends of PAT, whereby interested members of the pensions community, past and present, can support our work with a small annual donation and in return be kept up to date with current development5 relating to the Archive, continues to provide a small additional amount of income for PAT. Further new Friends of PAT would be welcomed. Financial Summary As recorded in the Financial Statements and related Notes accompanying this Report, the Trusvs income for the year totalled £30,240 (2023: £11,251), with resources expended totalling £32,504 {2023: £11,947), resulting in a deficit of £2,264 {2023: deficit £696). Unrestricted funds carried forward therefore amounted to £43,211 12023.. £45,475). Expenditure includes £1,911 on the development and re-launch of PAT'S website, which is planned to serve PAT for a number of years; however, the entire cost has been expensed in the current year. While all reserves are unrestricted, it is the Trust's aim that ongoing reserves are sufficient to meet at least one yearfs annual expenditure. Funding Funding of PAT'S work is wholly reliant on the generous sponsorship of a number of organisations connected with pensions. It has no income from any other source. The main item of expenditure is funding the cost of an archivist, shared with the LA. The directors are currently reviewing with the LA the most appropriate approach to employing an archivist given the current nature and complexity of the work. Whatever the outcome, it is intended to continue working jointly and share costs with the LA, to enable PAT to continue to acquire,
catalogue and make available any new material that Is offered to it. Further information will be provided at the AGM. The directors are therefore most grateful for the financial support during the year of: The Association of Consulting Actuaries Barnett Waddingham BP Pension Trustees Limited Pensions and Lifetime Savings Association The Pensions Management Institute (recommenced sponsorship) Pensions Research Accountants Group The Occupational Pensions Defence Union The directors have kept under review their policy with regard to financial risk management, recognising in particular the importance of ensuring that PAT continues to attract sufficient funding to enable it to meet its objectives. During the year, funding has increased, albeit it remains at a lower level than expenditure. The directors continue to work on increasing funding, recognising the challenging current economic condition5 and are very appreciative of the financial support provided by the current sponsors. PAT'S expenditure is covered fully by its reserves, which remain in excess of the objective to meet at least one-year's annual expenditure. They are also satisfied that the LA policy documentation concerning the management of physical risk relating to collections held on PAT'S behalf remains fully adequate for the purpose.
Reporting and Accounting Responsibilities The Trustees (who are also directors of PAT for the purposes of company law) are responsible for preparing the directors, Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards {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 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 5tstements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements 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; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate 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 the prevention and detection of fraud and other irregularities. Signedfor and on behalf of the directors of The Pensions Archive Trust Jeff Highfield Chairman Grant Lore Director 17 January 2025
Independent Examinerfs Report to the Directors of The Pension Archive Trust I report to the trustees {who are also Directors for the purpose of company law) on my examination of the financial statements of The Pension Archive Trust ('the charitable company'l for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet related notes. This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might State to the charity's trustees those matters l am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the chariVs trustees as a body, for my work, for this report, or for the opinions I have formed. Responsibilities and basis of report As the trustees of charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'the 2006 Act,). Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examin3tion, I report in respect of my examination of the charitable company's financial statements carried out under section 145 of the Charities Act 20111'the 2011 Act,) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)Ib) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as to whether the financial statements present a 'true and fair, view and my report is limited to those specific matters set out in the independent examinerfs statement. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or the financial statements do not accord with those records. or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair view which is not a matter considered as part of an independent examination; or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charitie5 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. 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 underst3nding of the financial statements to be reached. Gareth Burton ICAEW Assure UK 107 Cheapside London 17 January 2025 io
THE PENSIONS ARCHIVE TRUST STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 August 2024- Unaudited Unrestricted Funds 2024 Unrestricted Funds 2023 Notes Incoming resources Donated facilities and services Donations from sponsors Friends, subscriptions and donations Gift Aid tax recoverable Bank interest Total incoming resources 17,667 10,750 500 288 1,035 30,240 10,350 375 87 439 11,251 Resources expended Exhibition expenses Services of archivist Website development and maintenance Bank charges Annual return Total resources expended 17,948 12,372 2,090 60 34 32,504 11,887 60 11,947 Surplus/(Deficit) on yearfs activities (2,264} {696) Net movement in Funds Total Funds brought forward at I September 2023 Surplus/l Deficit) on yearfs activities 45,475 {2,264} 46,171 {696) 43,211 45,475 Total Funds carried forward 43,211 45,475 The statement of financial activities includes all gains and losses in the year. All incom ing resources and resources expended derive from continuing activities. li
THE PENSIONS ARCHIVE TRUST BALANCE SHEET AS AT 31 AUGUST 2024- Unaudited 2024 2023 Notes Current assets Cash at bank Debtors 40,488 2,775 43,263 43,950 1,525 45,475 Deduct Creditors: amounts falling due within one year 52 Net current assets 43,211 45,475 Net assets 43,211 45,475 Unrestrirted funds General funds 43,211 45,475 Total funds 43,211 45,475 For the year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and its members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements were approved by the directors on 17 January 2025 and authorised for issue, signed on their behalf by: Jeff Highfield Chairman Grant Lore Director 12
THE PENSIONS ARCHIVE TRUST Notes forming part of the Financial Statements for the year ended 31 August 2024- Unaudited Accounting policies The principal accounting policies are summarised below. The accounting policie5 have been applied consistently throughout the year and in the preceding year. al Basis of accounting The financial st3tements have been prepared under the historical cost convention, and in accordance with the Companies Act 2006 and the Statement of Recommended Practice: Accounting and Reporting by Charities (second edition, published October 2019). The financial st3tements have been prepared on a going concern basis. bl Fund accounting Unrestricted funds are available for use at the discretion of the directors in furtherance of the general objectives of the charity. cl Incoming resources All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Donations are included when the donor makes a commitment to make the donation. Donated services and facilities are valued at their open market value, that Is, at the directors, best estimate of what the company would have been charged by an equivalent venue / service provider for equivalent services and facilities. Investment income is included when receivable. dl Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure include5 any VAT which cannot be recovered and is reported as part of the expenditure to which it relates. Directors, Remuneration and Related Party Transactions No director received any remuneration during the year. No director or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2023: Nill. Stsff numbers and costs No person was employed by the company during the year. 13
Notes forming part of the Financial Statements for the year ended 31 August 2024- Unaudited (continued) Taxation No tax charges have arisen, since no material income in this regard was received during the year. Donated facilities and services and exhibition expenses During the year, the company staged an exhibition of archival material as part of the centenary celebrations of the Pensions and Lifetime Savings Association {PLSA}. The PLSA is a long-time 5UPPOrter of PAT and provided the exhibition space and other related service5 free of charge. The provision of these facilities and services has been accounted for at open market value {see Accounting policy Ic). In line with standard accounting practice, as these donated facilities and services were consumed immediately, the directors have immediately recognised an equivalent amount as an expense. Archivist The London Archives ILA) provided the services of an intern to act as archivist on 3 shared basis. The cost for the year was £12,37212022: £11,887). In both years, there were periods when no intern was in post. Debtor: Amount falling due within one year 2024 2023 Donations receivable HMRC for Gift Aid claim 2,750 25 2,775 1,500 25 1,525 Creditors: Amounts falling due within one year 2024 2023 Trade creditors 52 14
Movements in Funds Atl September 2023 Incoming resources Outgoing resources At31 August 2024 Unrestricted funds 45,475 30,240 (32,5041 43,211 Members of the Company There are 19 Members of the Company (2023: 18). Every member promises, if the Charity is dissolved while he or she is a member or within twelve months after he or she ceases to be a member, to contribute such sum (not exceeding £10) as may be demanded of him or her towards the payment of the debts and liabilities of the Charity incurred before he or she ceases to be a member, and of the costs charges and expenses of winding up. 15