## **Annual Report and Financial Statements to 31[st] March 2024**
1
|**Contents**||
|---|---|
||**Page**|
|**1. Legal and administrative details**|**3**|
|**2. Trustees’ Report**|**4 - 10**|
|**3. Report of the independent examiner**|**11**|
|**4. Statement of financial activities**|**12**|
|**5. Balance sheet**|**13**|
|**6. Notes to the financial statements**|**14 - 20**|
2
## **1. Legal and Administrative Details**
|**Charity Number**|1187839|
|---|---|
|**Trustees (at 31 March 2024)**|Kamini Banga|
||Anita Bhalla OBE|
||David Anthony Bisset Lough (Chair)|
||Emma Mary Haywood|
||Claire Ellen Horton CBE|
||Benedict Richard Pierce Macintyre|
||Marc Andre Lorin Polonsky|
||Sir Anthony Francis Seldon (Founding Chair)|
||Anne Marietta Sebba|
||Shailesh Ramnikal Solanki|
||Peter John Stewart|
||Dr. Karin Lisa von Hippel|
|**Principal Address**|Ruskin Avenue|
||Richmond|
||TW9 4DU|
|**Independent Examiner**|Gap Consultants Limited|
||14 Cassel Avenue|
||Poole|
||Dorset|
||BH13 6JD|
|**Bankers**|CAF Bank|
||25 Kings Hill Ave|
||Kings Hill|
||West Malling|
||ME19 4TA|
|**Solicitors**|Stone King LLP|
||Boundary House|
||91 Charterhouse Street|
||London EC1M 6HR|
3
## **2. Trustees’ Report for the Year Ending 31 March 2024**
The Trustees present their fourth annual report together with the financial statements of The National Archives Trust (the charity) for the period ended 31 March 2024. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document, the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” and UK Accounting Standards.
## **2.1 Origins and history of the charity**
The National Archives Trust was established in February 2020 to support and promote education in, and public engagement with, the nation’s documentary heritage. The Trust works closely with The National Archives, a nonministerial Government Department that fulfils many statutory public tasks of preserving the documents and making them available. The Trust seeks to support The National Archives and other archival organisations by enhancing their capacity to make collections available for greater public engagement and enjoyment of our national heritage.
The National Archives has more than 11 million documents spanning 1,000 years of history. It is a collection of national and international significance - the home of the nation’s stories - and contains notable items from Domesday Book to the first Downing Street tweets. The wider sector is made up of around 2,500 archives, ranging from local authority collections with statutory responsibilities (‘places of deposit’) to the collections of businesses, families, notable individuals, charities and others. Most archives are currently used by only a small section of the population, mainly those engaged in active research (such as academic study or family history); the Trust seeks to expand new ways for the wider public to encounter and connect with the stories of their families, communities and nations.
## **2.2 Objects and Activities**
The stated charitable Objects of the Trust, as set out in the Constitution of the National Archives Trust, are:
To advance the education of the public
- (a) in and through the public records held under the supervision of the keeper of public records and manuscripts, records and archives overseen by the Historical Manuscripts Commissioner:
- (b) in and through projects which advance public understanding of the archive sector and use of archival heritage.
The Trust’s mission is to harness the nation’s documentary heritage for the education and engagement of the public. Education for these purposes includes both formal education (e.g. through work with schools) as well as informal types of life-long learning through exhibitions, talks, family activities and engagement with archive-inspired arts and performance.
The Trust makes grants in support of its charitable objectives to expand opportunities for the public to engage with archival heritage. It awards funding to support activities both at The National Archives’ home in Kew and around the country.
The Trustees have had regard to the Charity Commission guidance on public benefit in establishing the charity and will continue to do so when setting strategic objectives.
4
## **2. Trustees’ Report for the Year Ending 31 March 2024 (Continued)**
## **2.3 Achievements and Performance**
The 2023/24 reporting year marks a busy period of activity for the Trust. It completed recruitment for the core staff team, approved an initial fundraising strategy, implemented fundraising activity and put several key governance and operations procedures in place.
## _Staffing_
The Trust’s core team comprises three full-time members of staff: the Executive Director, the Head of Operations and the Head of Philanthropy. The Head of Philanthropy began in post in April 2023, joining the Executive Director and the Governance and Operations Manager, who were appointed in September 2022 and December 2022 respectively. The 2023/24 reporting year therefore commenced with a full team in place for the first time since the Trust’s inception.
## _Project development_
The Trust collaborated with colleagues at The National Archives to develop new fundraising initiatives which aim to expand The National Archives’ audience engagement. Across the year, seven new projects were developed and added to the Trust’s fundraising portfolio, including education programmes, exhibitions, community outreach initiatives and national touring display and loans activities. One such initiative is a new Education Bursary Scheme which will provide funding for schools facing financial barriers to accessing onsite education workshops at The National Archives.
## _Fundraising_
At the beginning of the reporting period, the Trust’s two-year fundraising strategy was approved by the Board. Fundraising projects from The National Archives were agreed in the third quarter of the reporting year.
The Trust implemented a fundraising CRM system to create a data network of prospects which has also enabled a system to support advocacy and communications activity for the first time. An agreed Case for Support was developed, alongside newly created fundraising material, describing themes and specific projects in need of investment.
## _Secured Gifts_
During the year, the Trust began efforts to cultivate relationships with prospective donors and to make funding requests for the first time since the inaugural gift from the Clore Duffield Foundation, establishing itself as an active fundraising charity, resulting in several gifts for both unrestricted support and for those designated to specific projects.
Following confirmation of the project portfolio in the third quarter of the reporting year, the Trust undertook formal funding approaches to prospects in the second half of the reporting year. A total of 11 new donors were secured by the Trust, providing 13 separate gifts for both unrestricted support and for those designated to specific projects.
During the period, the Trust also established its first defined donor group: ‘The National Archives Trust’s Foundational Supporters’, comprising funders who have made gifts of £10,000 or above to help establish the general work of the charity and to kick-start new programmes and initiatives. The Trust is very grateful to the following donors who make up the initial group of its Foundational Supporters in 2023/24, in addition the Clore Duffield Foundation: The Bisset Trust, GRoW@Annenberg, Simon Lough and Marc and Rachel Polonsky.
## _Cultivation and events_
The Trust implemented a series of cultivation events to engage new advocacy contacts and prospective funders. Across Board networks and established staff contacts, it successfully introduced contacts to the work of The National Archives and to the ambitions of the Trust.
In January 2024, the Trust hosted its first private dinner event, sponsored by and in collaboration with wealth advisory firm Stonehage Fleming. At the event, Trustee Ben Macintyre provided insight into the value of archives and
5
## **2. Trustees’ Report for the Year Ending 31 March 2024 (Continued)**
guests had the opportunity to view a special display of records from The National Archives. A private appeal to support the Education Bursary Scheme was launched at the event.
Throughout the reporting year, staff at The National Archives in Kew delivered a series of behind-the-scenes tours of the building and bespoke record displays, hosted by Trust Board Members, the Executive Director and the Head of Philanthropy. In addition, the Trust co-hosted private views and curator-led tours of the exhibitions on display at Kew during the period, including _Spirit of Invention_ (25 May – 29 October 2023) and _Great Escapes_ (from 2 February 2024).
## _Supported Projects: The Clore Learning Centre at Kew_
The Clore Learning Centre at The National Archives in Kew is notable as the first centre of its kind to be housed within an archive. The Trust continued to support the development of the Clore Learning Centre with funding to The National Archives derived from a gift from the Clore Duffield Foundation. Phase 1 of the Clore Learning Centre, comprising a Broadcast Studio and two Production Studios, opened on 17 June 2023 for educational activities. Highlights of activities held in the Clore Learning Centre across the year include _Archives Live: Windrush 75_ , an online session with special guest Baroness Floella Benjamin, with around 15,000 Key Stage 2 pupils participating from 130 schools, as well as a successful family day linked to The National Archives’ exhibition _Spirit of Invention_ .
## _Engagement with the archive sector_
The Trust’s objectives include supporting the wider archive sector; this has initially been reflected by establishing projects on the fundraising portfolio which encourage partnership work between The National Archives and the wider archive sector. In addition, the Trust worked with The National Archives to develop a sector-wide survey to gather data on ambition and appetite for public engagement activity. Survey findings indicated a strong interest in loans and co-delivery of education services, which has informed the Trust’s plans. During the reporting period, staff at the Trust visited archives across the country to expand its network, see examples of best practice and to discuss opportunities for future collaboration. Across the year, visits included trips to Archives+ in Manchester, The Hold at Suffolk Archives, the archives at the Commonwealth War Graves Commission, The Hive in Worcester, Tyne & Wear Archives & Museums in Newcastle, Bank of England Archives and the London Archives.
## _Board Governance_
The Board established two committees which have delegated authority to oversee critical aspects of the charity’s operations and grant-making.
- The Finance and Compliance Committee provides regular oversight and monitoring of the Trust’s financial position. During the reporting period, the Committee met on three occasions and approved an Operational Risk Register, a Risk Monitoring Procedure, a Reserves Policy and an Acceptance of Donations Policy.
- The Projects Committee approves projects proposed for the fundraising portfolio, approves external grants to support those projects and monitors and evaluates the activity it funds. During the reporting period, the Committee met on two occasions and approved guidelines for the Trust’s grant making, including Core Principles for Funding Projects, Granting Process outline, a Projects Register and a Projects Sub-Risk Register.
6
## **2. Trustees’ Report for the Year Ending 31 March 2024 (Continued)**
## **2.4 Financial Review**
## _Income and expenditure_
In January 2023, the Trust secured additional funding of £250,000 from The National Archives to support activities through 2024-25. During the reporting year £125,000 of this was drawn down. Total income for the year was £177,230 (2023: £498,064).
Alongside unrestricted support secured for the Trust’s operations, the Trust secured restricted grants and donations for the project portfolio of £25,791.
The expenditure of the Trust for the year amounted to £308,507 (2023: £226,325). Grant making expenditure amounted to £100,000 (2023: £100,000). Other expenditure amounted to £208,507 (2023: £126,325), including salaries and fundraising costs.
The Trust had a net expenditure for the year of -£131,277 (2023: net income £271,739) which was made up of net expenditure in general funds of -£57,068 (2023: net expenditure £28,261) and net expenditure in restricted funds of -£74,209 (2023: net income of £300,000).
## _Risk Management_
A Risk Register has been developed and approved by the Trustee Board. The Trustees have assessed the major risks to which the charity is exposed; in particular, the risks related to the operations and finances of the charity. They are satisfied that systems and procedures are in place to mitigate its exposure to the major risks.
## _Going Concern_
As at the date of this report, The National Archives has committed additional funding of £205,000 to support activities to the end of September 2025. On this basis, the Trustees are confident that the Trust will have adequate resources to continue to operate until at least the end of September 2025. Accordingly, the Trustees continue to adopt the going concern basis in preparing these financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies note on page 14 of the financial statements.
## _Related Party Transactions_
At its inception, the Trust received initial funding of £300,000 from The National Archives to seed-fund its operating activity. In January 2023, the Trust secured additional funding of £250,000 from The National Archives to support activities through 2024-25. As at the date of this report, The National Archives has committed additional funding of £205,000 to support activities up to the end of September 2025.
## _Reserves_
The Trust forecasts cash flows to ensure that committed funding grants from The National Archives and other forecast unrestricted contributions to the Trust are adequate to meet future obligations, normally interpreted as equivalent to three months of operating costs for the Trust. The Trust approved a Reserves Policy in October 2023.
As of 31 March 2024, the Trust's unrestricted reserves stood at £58,213, reflecting a decrease from £115,281 in 2023. The restricted reserves stood at £225,791 (£2023: £300,000).
7
## **2. Trustees’ Report for the Year Ending 31 March 2024 (Continued)**
## **2.5 Structure, governance and management**
The National Archives Trust is a charitable incorporated organisation (no. 1187839) and was registered on 10 February 2020. The Trust’s Trustees are its only members.
Strategic direction and decisions rest with the Board of Trustees. As of 31 March 2024, four Trustees are among those at the founding of the charity and eight additional appointments were made in the 2022 - 2023 period. The Trustees during the period were as follows:
Sir Anthony Francis Seldon (Founding Chair) (appointed 10 February 2020, reappointed 20 February 2024) David Anthony Bisset Lough (Acting Chair/Chair)(appointed 10 February 2020, reappointed 10 February 2022) Benedict Richard Pierce Macintyre (appointed 10 February 2020, reappointed 10 February 2022) Anne Marietta Sebba (appointed 10 February 2020, reappointed 23 January 2023) Kamini Banga (appointed 14 October 2022) Marc Andre Lorin Polonsky (appointed 14 October 2022) Peter John Stewart (appointed 14 October 2022) Dr. Karin Lisa von Hippel (appointed 14 October 2022) Anita Bhalla OBE (appointed 23 January 2023) Emma Mary Haywood (appointed 23 January 2023) Claire Ellen Horton CBE (appointed 23 January 2023) Shailesh Solanki (appointed 23 January 2023)
The Trustees’ induction process includes briefings on the Trust’s mission and objectives. Trustees receive detailed information on legal and regulatory obligations as well as an overview of the Trust’s financial controls policy. The induction equips Trustees with the knowledge and tools necessary to fulfil their roles effectively and contribute meaningfully to the Trust’s mission.
In February 2024, Trustees approved David Lough as Chair of the Trust for a term of one year. Sir Anthony Seldon continues to serve on the Board as a Trustee and is recognised as the Founding Chair.
Trustees may serve up to three consecutive terms of up to three years, after which they may only be reappointed after an interval of at least one year.
## _Board Governance and Decision Making_
The Board met formally on four occasions in 2023-24. Meetings were held to confirm grant agreements, reappoint Trustees, approve the operating budget and to review and approve the following policies and Terms of Reference:
- Finance and Compliance Committee Terms of Reference
- Projects Committee Terms of Reference
- Reserves Policy
- Risk Register
- Acceptance of Donations Policy
- Due Diligence Process
## _Compliance and Governance Standards_
All Trustees are required to comply with the legal and regulatory requirements and to follow good practice as set out in “The Essential Trustee” issued by the Charity Commission and “The Good Trustee Guide” published by the NCVO. All Trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in the accounts.
Trustees are required to disclose all relevant interests and register them with the board. In the event of a conflict of interest, the Trust’s constitution requires that Trustees should withdraw from the decision-making process. All Trustees have signed a Charity Commission Trustee Disclosure form.
8
## **2. Trustees’ Report for the Year Ending 31 March 2024 (Continued)**
## _Leadership Transitions and Appointments_
In the reporting period, the day-to-day administration of grants and the Trust’s activities was delegated to the Executive Director, Tadas Khazanavicius. Mr Khazanavicius started in post in September 2022. A Governance and Operations Manager was appointed in December 2022 and this post commenced in January 2023. A Head of Philanthropy was appointed in February 2023 and started in April 2023.
## _Remuneration_
The Trust adheres to a transparent and accountable process for determining the remuneration of key management personnel, using established benchmarks, parameters, and criteria to ensure fair and just compensation aligned with industry standards and organisational performance.
## _Relationship with The National Archives_
As a key partner, the Trust works closely with The National Archives and this relationship is guided by a Memorandum of Understanding.
The Trust is independent of The National Archives at a governance level. There is no representative from The National Archives on the Board and no right to appoint Board members. The CEO and Directors of The National Archives attend appropriate items of Board meetings by invitation. During the reporting year, the working relationship between the two bodies was fostered through regular meetings between the Chair of the Trust Board, an additional trustee and the Trust’s Executive Director with The National Archives’ CEO and Executive Team. Each year, the Trust’s Chair and Executive Director also meet with The National Archives’ Advisory Board.
## **2.6 Plans for the future**
The Trust's plans for 2024-2025 include the following:
- Continue to collaborate with colleagues at The National Archives to develop new initiatives for fundraising which aim to expand The National Archives’ engagement with new audiences.
- Continue to deliver actions against the fundraising strategy, soliciting grants and gifts for both unrestricted operations funding and for projects agreed on the fundraising portfolio.
- Deliver activities to cultivate relationships with prospective donors.
- Continue to support the delivery of The National Archives’ Archives for Everyone strategy.
- Strengthen partnerships with the archive sector to foster collaborative projects and initiatives.
## **2.7 Trustees’ responsibilities statement**
The Trust's Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the financial statements according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in February 2016), (The SORP).
Charity law requires the Trustees to prepare financial statements for each financial year. Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the income and the expenditure, of the Trust for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles in the Charities SORP.
- make judgments and accounting estimates that are reasonable and prudent.
9
## **2. Trustees’ Report for the Year Ending 31 March 2024 (Continued)**
- 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 are sufficient to show and explain the charitable company's transactions and 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 Charities Act 2011. 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.
## **2.8 Disclosure of information to the independent examiner**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustees are aware, there is no relevant information of which the Trust's independent examiner is unaware, and
- that Trustees have taken all the steps that ought to have been taken as Trustees to be aware of any information needed by the Trust's independent examiner in connection with preparing their report and to establish that the Trust's independent examiner is aware of that information.
This report was approved by the Trustees on 20 September 2024 and signed on their behalf.
David Lough **Trustee (Chair)**
10
3. Report of the Independent Examiner for the Year Ending 31 March 2024
I report on the accounts of the company for the pemd ended 31 March 2024. which are set out on page$ 12-20.
Respertive responslblllties of Trustees and examiner
Thè Trustees are responsible for the PparatiOn of the accounts. The Trustees consider than an audit is not required
for the year under section 144121 of the Chartties Act 2011 (the 2011 Act) and that an independent examination is
needed. The charity is required to prepare accrued accounts. and l am qualif*d to undertake the eXaMinatn by
being a qualified member of the Institute of Chartered Certrfied Accountsnts in England and Wales.
Having satisfied myselF that the charty is not subject to audr( under chaiity law and eligible for independent
examination, it is my responsibilityto:
Examine the accounts under section 145 of the 2011 Act.
To follow procedures laid down in the general DirectKins given by the Chartty Commt55ion under sectlon
14515llbl of the 2011 Act. and
To state whether particular matters have come to ffly attention.
Basls of Independent examlnees report
My examination wa5 carried out in accordance with the general directions given by the Charity Commission. An
examination includes a review of the accounting records kept by the charity and a comparison of the accounts
presented wtth those records. also includes consideration of any unusual Ttems or disclosure in the financial
statements and seekin8 explanations from you as Trustees concerning any such matters. The procedures undertaken
do not provide all the evidence that would be reqUId in an audit and consequentfy no Opinn is given as to
whethef the accounts present a true and fairf Vie the report t5 limited to those matters set out in the next
statement.
Independent examlnerfs ststement
I have completed my examination. I confirm that no matters have come to my attention in connection with the
examination gwing me cause to beleve that in at)y material Spect..
i)
21
31
ac¢ountinB records were not kept in respect of the Trust as reqUId by section 130 of the Act,. or
the accounts do not accord with those records. or
the accounts do not compty wfth the applicable requirements concerning the fomi and content of accounts
Set out in the Charities (Accounts and Report) Regulations 21J)8 other than any requirement that the
ccounts give a 'true and fair Vie which is not a matter considered as part of an independent examination:
or
the accounts have not been prepared in accordance wlrh the methods and principles of Actounting and
Reporting by Charf(ies: Ststement of Recommended Practice applicable to chartIS preparing their accounts
in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS
1021
I have no concerns and have come across no other matters In connectK)n with the examination to which attention
should be drawn in thls )rt in order to enable a proper understandÉng of the financial statements to be reached.
Ssgned..
Davld Robert>FtCA
Gap Consultants Limited
14 Ca55el Avenue
Poole, Dorset
8H13 6JD
11
## The National Archives Trust
## Statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 March 2024
|For theyear ended 31 March 2024|||||||
|---|---|---|---|---|---|---|
|Note
Income from:
2
Grants
Support costs
Salaries
Staff travel and subsistence
Staff training and development
Salaries – Gift in Kind
Recruitment costs
Insurance
IT costs
Website costs
Legal fees
Accountancy
Bank charges and sundries
Depreciation
Trustee meeting costs
Trustees travel and accomodation
Trustee recruitment
Independent Examination fees
3
11
Reconciliation of funds:
Bank interest
Total income
Expenditure on:
Donations and legacies
Fundraising
Net income / (expenditure) for the year
Total expenditure
Net income / (expenditure) before net
Charitable activities
Total funds brought forward
Total funds carried forward
Transfers between funds
Net movement in funds|Unrestricted
£
149,072
2,367|Restricted
£
25,791
-|2024
Total
£
174,863
2,367
177,230
3,550
100,000
195,266
775
1,736
-
-
1,092
3,087
1,051
-
(726)
500
1,032
43
141
-
960
308,507
(131,277)
-
(131,277)
415,281
284,004
(131,277)|Unrestricted
£
97,655
409|Restricted
£
400,000
-|2023
Total
£
497,655
409|
||151,439|25,791||98,064|400,000|498,064|
||3,550
-
195,266
775
1,736
-
-
1,092
3,087
1,051
-
(726)
500
1,032
43
141
-
960|-
100,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-||-
58,104
242
-
15,655
20,620
816
576
489
16,541
7,098
1,210
766
1,590
1,158
500
960|-
100,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|-
100,000
58,104
242
-
15,655
20,620
816
576
489
16,541
7,098
1,210
766
1,590
1,158
500
960|
||208,507|100,000||126,325|100,000|226,325|
||(57,068)|(74,209)||(28,261)|300,000|271,739|
||(57,068)
-|(74,209)
-||(28,261)
-|300,000
-|271,739
-|
||(57,068)
115,281|(74,209)
300,000||(28,261)
143,542|300,000
-|271,739
143,542|
||58,213|225,791||115,281|300,000|415,281|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 11 to the financial statements.
12
The National Archives Trust
## Balance sheet
## As at 31 March 2024
|Note
Fixed assets:
8
Current assets:
10
Liabilities:
9
10
11
Total unrestricted funds
Cash at bank and in hand
Tangible assets
Debtors
Net current assets / (liabilities)
Total net assets / (liabilities)
Total assets less current liabilities
General funds
Total charity funds
Restricted income funds
Unrestricted income funds:
The funds of the charity:
Creditors: amounts falling due within one year|£
224,000
68,369|2024
£
£
1,299
300,000
198,201
498,201
29,515
282,705
284,004
284,004
225,791
115,281
58,213
284,004|2023
£
1,532
468,686|
|---|---|---|---|
||292,369
9,664|||
||58,213|||
||||470,218|
|||||
||||470,218|
||||300,000
115,281|
|||||
||||415,281|
These financial statements have been approved by the Trustees on 20 September 2024 and signed on their behalf by
David Lough Trustee (Chair)
13
The National Archives Trust
Notes to the financial statements
## For the year ended 31 March 2024
- 1 Accounting policies
- a) Basis of preparation
The financial statements 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) 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the CHarities Act 2011.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
- b) Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
- c) Going concern
The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect of a period of one year from the date of approval of these accounts. The Trustees are fully cognisant of the risks that the charity is carrying, such as the uncertainty of future funding and obtaining a minimum unrestricted reserve sufficiency. The Trustees have concluded that there are no other material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. This conclusion is based on the additional committed funding of £205,000 from The National Archives to support activities up to the end of September 2025.
There are no key judgements that the charity has made which have a significant effect on the accounts.
- d) Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires trustees to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. There are no items in the accounts which require any element of estimation or judgement.
- e) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
- f) Donations of gifts, services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.
- g) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
14
The National Archives Trust
Notes to the financial statements
## For the year ended 31 March 2024
## 1 Accounting policies (continued)
- h) Fund accounting
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
## i) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose
- Expenditure on charitable activities includes the costs of provision of space and services undertaken to further the purposes of the charity and their associated support costs
- Other expenditure represents those items not falling into any other heading
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## j) Operating leases
Rental charges are charged on a straight line basis over the term of the lease.
## k) Tangible fixed assets
- Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.
Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
- Computer equipment
33% on cost
## l) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## m) Cash at bank and in hand
Cash at bank and cash 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. Cash balances exclude any funds held on behalf of service users.
15
The National Archives Trust
## Notes to the financial statements
## For the year ended 31 March 2024
## 1 Accounting policies (continued)
## n) Creditors and provisions
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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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.
## o) Pensions
Employer contributions to employees defined contribution pension schemes are charged to Statement of Financial Activities during the year.
## 2 Income from donations and legacies
|Donation from The National Archives
Clore Duffied - Learning centre
Trusts and Foundations grants
Other Donations
Gift Aid
Gift in Kind|Unrestricted
£
125,000
24,072
-
-
-
-
149,072|£
-
14,791
10,000
-
-
1,000
25,791
Restricted|2024
2023
Total
Total
£
£
125,000
82,000
38,863
-
10,000
-
-
400,000
-
15,655
1,000
-
174,863
497,655|
|---|---|---|---|
Gift in kind in 2023 of £15,655 was paid in respect of the Head of The National Archives Trust, all of which was provided as a gift in kind from The National Archives
Of the total income from donations in 2023, £400,000 was restricted and £97,655 was unrestricted
16
The National Archives Trust
## Notes to the financial statements
## For the year ended 31 March 2024
- 3 Net incoming resources for the year
This is stated after charging / crediting:
|This is stated after charging / crediting:|||
|---|---|---|
||2024|2023|
||£|£|
|Depreciation|1,032|766|
|Independent examination|960|960|
## 4
Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:
|Staff costs were as follows:|||
|---|---|---|
|Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes|2024
£
153,751
12,434
29,081|2023
£
55,943
746
1,415|
||195,266|58,104|
1 employee earned more than £60,000 during the year (2023:1).
Key management personnel of the Trust comprise of the trustees and the Executive Director. During the year, the total employee benefits including pension contributions of the key management personnel were £94,620 (2023: £66,778). In 2023, £15,655 was paid in respect of the Head of The National Archives Trust, all of which was provided as a gift in kind from The National Archives (see note 2).
The charity Trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil). No charity Trustee received payment for professional or other services supplied to the charity (2023: £nil).
During the year. no (2023: one) trustees received payments for reimbursement of travel and subsistence costs relating to attendance at meetings of the trustees.
## 5 Staff numbers
The average number of employees (head count based on number of staff employed) during the year was as follows:
|follows:|||
|---|---|---|
|Charitable activities|2024
No.
3.0|2023
No.
1.4|
||3.0|1.4|
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The National Archives Trust
Notes to the financial statements
## For the year ended 31 March 2024
- 6 Related party transactions
Aggregate unrestricted donations received from related parties total £21,000 (2023: nil). This includes a donation from Marc and Rachel Polonsky (Marc Polonsky, Trustee) and two donations from the Bisset Trust (a donor-advised fund of David Lough, Chair).
Aggregate restricted donations received from related parties total £13,000 (2023: nil), comprising £1,000 from the Bisset Trust (as above) and a £12,000 pledge from Simon Lough (brother of David Lough), both to support the Schools Bursary programme.
## 7 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## 8 Tangible fixed assets
|Tangible fixed assets|||
|---|---|---|
|At the end of the year
At the end of the year
At the start of the year
Charge for the year
At the start of the year
Additions in year
At the end of the year
Cost or valuation
At the start of the year
Depreciation
Net book value|Computer
equipment
£
2,298
799|Total
£
2,298
799|
||3,097|3,097|
||766
1,032|766
1,032|
||1,798|1,798|
||1,299|1,299|
||1,532|1,532|
All of the above assets are used for charitable purposes.
## 10 Debtors
|Debtors|||
|---|---|---|
|Accrued income|2024
£
224,000|2023
£
300,000|
||224,000|300,000|
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The National Archives Trust
## Notes to the financial statements
## For the year ended 31 March 2024
## 9 Creditors: amounts falling due within one year
|Creditors: amounts falling due within one year|||
|---|---|---|
|Taxation and social security
Other creditors
Accruals|2024
£
-
6,750
2,914|2023
£
14,360
8,921
6,234|
||9,664|29,515|
## 10 Analysis of net assets between funds at the end of year
|Net current assets
Net assets at the end of the year
Tangible fixed assets|General
unrestricted
£
1,299
56,914|£
-
-
Designated|Restricted
£
-
225,791|Total funds
£
1,299
282,705|
|---|---|---|---|---|
||58,213|-|225,791|284,004|
Analysis of net assets between funds at the start of year
|Net current assets
Net assets at the end of the year
Tangible fixed assets|General
unrestricted
£
1,532
168,686|£
-
-
Designated|Restricted
£
-
300,000|Total funds
£
1,532
468,686|
|---|---|---|---|---|
||170,218|-|300,000|470,218|
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The National Archives Trust
## Notes to the financial statements
## For the year ended 31 March 2024
|11|Total restricted funds
General funds
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
During previous year
Restricted funds:
Clore Cultural Learning Fund
Total funds
Total unrestricted funds
Schools Bursary Programme
During the year
Restricted funds:
Clore Cultural Learning Fund
Unrestricted funds:
Education Programme
Movements in funds|At the start
of the year
£
300,000
-
-|Income &
gains
£
-
15,791
10,000|Expenditure
& losses
£
(100,000)
-
-|Transfers
£
-
-
-|At the end of
the year
£
200,000
15,791
10,000|
|---|---|---|---|---|---|---|
|||300,000|25,791|(100,000)|-|225,791|
|||115,281|151,439|(208,507)|-|58,213|
|||115,281|151,439|(208,507)|-|58,213|
|||415,281|177,230|(308,507)|-|284,004|
|||At the start
of the year
£
-|Income &
gains
£
400,000|Expenditure
& losses
£
(100,000)|Transfers
£
-|At the end of
the year
£
300,000|
|||-|400,000|(100,000)|-|300,000|
|||143,542|98,064|(126,325)|-|115,281|
|||143,542|98,064|(126,325)|-|115,281|
|||143,542|498,064|(226,325)|-|415,281|
## Purposes of restricted funds
Clore Duffield Foundation grant - The grant received during the year was for the Clore Learning Centre. The grant received in previous years was to support the Trust’s learning and community work during the pandemic and to support the work of The National Archives’ Education Service in accordance with the terms of the grant.
Schools bursary programme - donations received during the year towards this programme Education programme - donations received during the year which can be applied to any of the education programmes
20