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2025-03-31-accounts

Annual Report and Financial Statements to 31[st] March 2025

Contents

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

1. Legal and Administrative Details

Charity Number 1187839
Trustees (at 31 March 2025) Kamini Banga
Anita Bhalla OBE
David Anthony Bisset Lough (Chair)
Emma Mary Haywood
Claire Ellen Horton CBE
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 2025

The Trustees present their fifth annual report together with the financial statements of The National Archives Trust (the Trust) for the period ended 31 March 2025. The Trustees confirm that the annual report and financial statements of the Trust comply with the current statutory requirements, the requirements of the Trust’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 Trust

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 charitable Objects of the Trust, as set out in the Trust’s Constitution, are:

To advance the education of the public

The Trust’s mission is to harness the nation’s documentary heritage for the education and engagement of the public. Education includes both formal education (e.g. through work with schools) as well as informal 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 both at The National Archives’ home in Kew and around the country.

The Trustees continue to have regard to the Charity Commission guidance on public benefit when setting the Trust’s strategic objectives and in conducting its operations.

4

2. Trustees’ Report for the Year Ending 31 March 2025 (Continued)

2.3 Achievements and Performance

The 2024/25 reporting year has been one of significant progress for the Trust, with new project development, launch of new initiatives and donor engagement contributing to the Trust’s charitable mission to widen access to the nation’s archives and ensure their benefit to the public.

Project development

In collaboration with colleagues at The National Archives, the Trust has continued to expand its existing portfolio of seven projects to eight. The new initiative, Sensing the Archives, is an innovative programme of educational workshops designed for primary and secondary school students with visual impairments. Using 3D-printed tactile models of historic documents, alongside touch, smell and recorded audio, the programme offers a multisensory way to explore archives.

Secured Gifts

Building on the foundations laid in the previous year, the 2024/25 reporting year saw the Trust strengthen donor relationships and secure 25 unrestricted or restricted gifts from 22 donors across the year.

A notable achievement was the growth of the Trust’s Foundational Supporters, who have made gifts of £10,000 or above. The Trust would like to thank the Barbour Foundation, Joanna & Graham Barker, the Bisset Trust, the Clore Duffield Foundation, the John S Cohen Foundation, Gregory Annenberg Weingarten, GRoW @ Annenberg, Simon Lough, the Polonsky Foundation, Marc and Rachel Polonsky, and those who wish to remain anonymous.

Supported Projects

Donations during the reporting year have secured a range of projects, each aligned to advancing public understanding of the archive sector. Key achievements in 2024/25 were:

The Trust continued to support the development of the Clore Learning Centre with funding to The National Archives derived from a grant from the Clore Duffield Foundation. During the reporting year, the Clore Learning Centre hosted a range of educational activities delivered to learners both onsite and online. A highlight was Archives Live: D-Day on 3 June 2024, an online session presented by acclaimed broadcaster Dan Snow, which reached around 10,600 students aged 10-14 from 180 schools in England and Wales.

The Education Bursary Scheme launched in 2024, offering a £500 travel grant to schools to participate in onsite educational workshops at The National Archives. In the reporting year 125 applications were received from schools across England and Wales, illustrating strong national demand for The National Archives’ educational offer. Of these, fifteen schools were awarded bursaries, enabling around 750 attendances by primary and secondary school students in onsite workshops at The National Archives. Schools visited from locations including Canterbury, Coventry, Leamington Spa and Leicester, highlighting the programme’s success in broadening access for students who might otherwise face barriers to participation. The programme will continue to run into the 2025/26 academic year.

The Education Bursary Scheme in the reporting year was supported by Francesca Barnes, the Bisset Trust, Epsom College History Department, Galleon Foundation, the Headley Trust, Dr P. Kay and Ms A. Jackson Kay, the Lee and Bakirgian Family Trust, Simon Lough, Anne Sebba, the Maurice & Vivien Thompson Charitable Trust and Kit and Anthony van Tulleken.

5

2. Trustees’ Report for the Year Ending 31 March 2025 (Continued)

Following its addition to the Trust’s portfolio during 2024/25, the Trust successfully secured full funding for Sensing the Archives. The programme will launch in 2025/26, representing an important step in making archives more accessible to audiences with visual impairments. Sensing the Archives is made possible through the generosity of the Powell Family Foundation, the Edith Murphy Foundation, the Spectacle Makers’ Charity and those who wish to remain anonymous. These gifts will support the programme alongside a donation from the Friends of the National Archives, secured by The National Archives.

Cultivation and events

During the reporting year, the Trust arranged seven behind-the-scenes tours of The National Archives, accompanied by bespoke record displays. These events, hosted by Trustees, the Executive Director and the Head of Philanthropy, provided around 40 guests with insights into The National Archives, the Trust’s charitable mission and priority projects. A highlight was a curator-led group tour of The National Archives’ exhibition Great Escapes: Remarkable Second World War Captives (2 February – 21 July 2024). By engaging new advocacy contacts and prospective funders in this way, the Trust successfully strengthened relationships and raised awareness of its initiatives.

Board Governance

During the reporting year the Board established an additional Nominations Committee to develop and run procedures for appointments and re-appointments of Trustees (including the Chair of Trustees) and of the Trust’s Executive Director. Other Board Committees are:

6

2. Trustees’ Report for the Year Ending 31 March 2025 (Continued)

2.4 Financial Review

Income and expenditure

Total income for the year was £374,186 (2024: £177,230).

In February 2023, The National Archives awarded the Trust a grant of £250,000 to cover operational expenditure in the two financial years 2023-2025. During the reporting year the second tranche in the amount of £125,000 was drawn down from this grant. In addition, an operational grant of £60,000 was awarded by The National Archives in March 2024 and was drawn down in the reporting year.

In addition to this, the Trust secured £11,583 of unrestricted support for the Trust’s operational budget, and restricted grants and donations totalling £174,095 to support its project portfolio.

The expenditure of the Trust for the year amounted to £325,509 (2024: £308,507). Of this, grants of £106,500 were made to The National Archives (2024: £100,000). Other expenditure, including salaries and fundraising costs, totalled £219,009 (2024: £208,507).

The Trust had a net income of £48,677 for the year (2024: net expenditure £131,277). This comprised net expenditure of £18,898 in general funds (2024: net expenditure £57,068) and net income of £67,575 in restricted funds (2024: net expenditure of £74,209).

Risk Management

The Trustees regularly review a register of the major risks to which the Trust is exposed. They are satisfied that systems and procedures are in place to mitigate its exposure to the major risks.

Going Concern

Trustees continue to adopt the going concern basis in preparing the Trust’s financial statements because adequate resources are already in place to continue the Trust’s operations until mid-2026 and the Trust’s role in helping The National Archives’ strategy of growing philanthropic income provides Trustees confidence that further support will be forthcoming if this is required.

Related Party Transactions

At its inception in 2020, the Trust received an initial three-year grant from The National Archives to seed-fund its operating activity. In January 2023, an additional operating grant of £250,000 from The National Archives was secured by the Trust to support activities through 2024-25. In March 2024, The National Archives awarded an additional £60,000 to supplement the Trust’s operational funding.

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.

As of 31 March 2025, the Trust's unrestricted reserves stood at £39,315 (2024: £58,213) and its restricted reserves stood at £293,366 (2024: £225,791).

7

2. Trustees’ Report for the Year Ending 31 March 2025 (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. 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 (Chair) (appointed 10 February 2020, reappointed 10 February 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) Claire Ellen Horton CBE (appointed 23 January 2023) Shailesh Solanki (appointed 23 January 2023) Benedict Richard Pierce Macintyre (appointed 10 February 2020, reappointed 10 February 2022, resigned 10 February 2025) Kamini Banga (appointed 14 October 2022, resigned 31 March 2025) Emma Mary Haywood (appointed 23 January 2023, resigned 31 May 2025) Anne Marietta Sebba (appointed 10 February 2020, reappointed 23 January 2023, resigned 31 October 2025)

In February 2024, Trustees approved David Lough as Chair of the Trust for a term of one year. In December 2024 and in June 2025 Trustees extended his period as Chair, now to conclude in December 2025.

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.

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.

Board Governance and Decision Making

The Board met formally on five occasions in 2024-25. Meetings were held to confirm grant agreements, reappoint Trustees, approve the operating budget and to review and approve the following:

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 2025 (Continued)

Leadership and staffing

During the reporting period, day-to-day administration of grants and the Trust’s activities was delegated to the Executive Director, Tadas Khazanavicius, who had been in post since September 2022. The Head of Operations, who had been in post since January 2023, resigned in November 2024. The Head of Philanthropy, in post since April 2023, remained in role throughout the reporting period.

Following the end of the reporting period, Mr Khazanavicius accepted voluntary redundancy and left his role as Executive Director in May 2025. Eleanor Leahy, the Head of Philanthropy, was appointed as Interim Director in June 2025.

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.

2.6 Plans for the future

The Trust's plans for 2025-2026 include the following:

Looking to the longer term, the Trust has been discussing the best structure for its fundraising with The National Archives in the light of the organisation's new strategy approved by ministers in the summer of 2025. This strategy puts new emphasis on The National Archives taking a higher profile in national life and increasing its philanthropic income to fund more research, digitisation, conservation, education and public engagement.

In response, the Trustees intend to broaden the Trust’s charitable objectives to include the advancement of heritage (including conservation and preservation), subject to approval by the Charity Commission. This will provide the Trust with greater flexibility in responding to emerging funding needs and priorities.

The Trustees also believe there will be advantage to the Trust outsourcing much of its fundraising to The National Archives and its Research, Funding and Academic Engagement team, so that a unified and coherent approach to fundraising can be taken across both organisations. Discussions on this subject with The National Archives are well advanced; the Trustees expect them to conclude before the end of the 2025/26 year and to take effect during 2026/27.

9

2. Trustees’ Report for the Year Ending 31 March 2025 (Continued)

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 Trust and of the income and the expenditure, of the Trust for that period. In preparing these financial statements, the Trustees are required to:

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:

This report was approved by the Trustees on 4 December 2025 and signed on their behalf.

David Lough Trustee (Chair)

10

Reportofthe Ind8wth Exaniw for tho Year EndirwJ 31 March 2025 I report onthe aceounls of the company for th6 p9ri0derthd 31 March 2025. Respect1￿ responslbllltl8s of Trnsle•s and ex￿In TheTrustees are responsible for the preparation of the accounts. TheTrustees con8ider than an audit IS not required for the year under section 14412} of the Charities Act 2011ithe 2011Actl and that an independent examination is needed. The charity is required to prepare accrwl accounts. and l am qualthed to urKlertake the examination by b￿'Thj8 qualffied member of the Instriute of Charter8d Cerbfied Accounlanls in England and Wales. Having satisfi8d myself thalthe charity is not subject to audit under tharity I￿ and isdigiUe for independent examinatton, it 18 my responsibilty to.. Examinethe ac¢ounls undef seGtion 145 ofthe 2011kL To follow pr(tedures lad dvwn in ts g8n8rd Direclions given bythe Charity Commission under section 14515}Ibl of the 2011Act, and To stat8 whether parts'cular matters have ¢ometo my att￿. Basis of Independ8nt e¥arin•rfs My examination was carried ¢)Ut in accordanee wth the generd directions given by the Charity commis￿0￿. An examination irKludes a rewew ofthe accounting records kept by the charity and a comparison of the a¢￿￿nts presented with those records. It also indudes consideratson of any unusual items or disdosure in the financial ststements and seekirvJ explanations ftom you as Trustee$ concerning any such matters. The proe8Jures ijndertaken do not Fvovide all the evidence th would be required in an audit and cons8quently no eynion is given as to Vthether the accounts present a ITue and fairf view and thg report 18 limited lo those matters set out in the next stst Indwndent axamlnerfs statoffrf I havecompleted my examination. I confinn thal no matters havecometo my attenlion in conne¢tion w¢lh the examination giving me cause to believethat in any malgrial respect: 1) 2) 3) accounting records were not kept in respect of the TrL￿1 as required by ￿tion 130 of the cr the accounts do not acCOrd￿ththo$e records,. (x theaccounls do nol comply wrth the applicable requirements concerningthe fomi andcontent of accounts setout in the Charities (Accounts and Report) Regulations 2008 olherthan any requirement that the accounts give8.true and fairvith¢ which is not a mer considered as part of an independent examination.. the a¢￿UnIS have not been prepared in ac￿r￿ar￿* the tnothod5 and prlnclples of Accounting and Repoiknng by Charities." Statemerrt of RecL¥nmended Pracltce applicable to charities preparing theiraccounts in accordance wth the Fina￿la1 ReportttYJ Standard appliCa￿e in thg UK andthe Republic of IrdarKI {FRS 1tr21 4) I have rKJ concem$ and have Come &ross no other matters in connection ￿ th¢ examination to which attention should kdrawn in this reFQrt in orderto enth a proper underslanding of the financial statements to ached. Signed.. Davlij Roberts Gap Consultants Ltd.. Poole, Dorset BH13 6JD

The National Archives Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2025

----- Start of picture text -----
2025 2024
Unrestricted Restricted Total Unrestricted Restricted Total
Note £ £ £ £ £ £
Income from:
Donations and legacies 2 196,583 174,095 370,678 149,072 25,791 174,863
Charitable activities
Bank interest 3,333 - 3,333 2,367 - 2,367
Other income 175 - 175
Total income 200,091 174,095 374,186 151,439 25,791 177,230
Expenditure on:
Fundraising 965 - 965 3,550 - 3,550
Charitable activities
Grants - 106,500 106,500 - 100,000 100,000
Support costs
Salaries 186,950 - 186,950 195,266 - 195,266
Staff travel and subsistence 841 - 841 775 - 775
Staff training and development 927 - 927 1,736 - 1,736
Other staff costs 13,200 - 13,200 - - -
Insurance 1,155 - 1,155 1,092 - 1,092
IT costs 2,621 - 2,621 3,087 - 3,087
Website costs 21 - 21 1,051 - 1,051
- - - -
Legal fees 4,343 4,343
- -
Accountancy and other professional fees 5,264 5,264 (726) (726)
Bank charges and sundries 302 20 322 500 - 500
-
Depreciation 1,032 1,032 1,032 1,032
Trustee meeting costs 408 - 408 43 - 43
Trustees travel and accomodation - - - 141 - 141
Independent Examination fees 960 - 960 960 - 960
Total expenditure 218,989 106,520 325,509 208,507 100,000 308,507
Net income / (expenditure) before net (18,898) 67,575 48,677 (57,068) (74,209) (131,277)
Net income / (expenditure) for the year 3 (18,898) 67,575 48,677 (57,068) (74,209) (131,277)
Transfers between funds - - - - - -
Net movement in funds 11 (18,898) 67,575 48,677 (57,068) (74,209) (131,277)
Reconciliation of funds:
Total funds brought forward 58,213 225,791 284,004 115,281 300,000 415,281
Total funds carried forward 39,315 293,366 332,681 58,213 225,791 284,004
----- End of picture text -----

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 2025

----- Start of picture text -----
2025 2024
Note £ £ £ £
Fixed assets:
Tangible assets 8 267 1,299
Current assets:
Debtors 10 224,385 224,000
Cash at bank and in hand 125,014 68,369
349,399 292,369
Liabilities:
Creditors: amounts falling due within one year 9 16,985 9,664
Net current assets / (liabilities) 332,414 282,705
Total assets less current liabilities 332,681 284,004
Total net assets / (liabilities) 10 332,681 284,004
The funds of the charity: 11
Restricted income funds 293,366 225,791
Unrestricted income funds:
General funds 39,315 58,213
Total unrestricted funds 39,315 58,213
Total charity funds 332,681 284,004
----- End of picture text -----

These financial statements have been approved by the Trustees on 4 December 2025 and have been 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 2025

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.

The charity meets the definition of a public benefit entity under FRS 102.

The Trustees have assessed the use of the going concern assumption in preparing these accounts. While cognisant of risks to any charity's funding at a comparatively early stage of its life, the Trustees have concluded that the level of future grants that The National Archives has committed to the charity for the next twelve months, and the significant part the charity is expected to play in The National Archives’ strategy to increase its philanthropic income over the next five years, makes the going concern assumption appropriate.

There are no key judgements that the charity has made which have a significant effect on the accounts.

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.

14

The National Archives Trust

Notes to the financial statements

For the year ended 31 March 2025

1 Accounting policies (continued)

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.

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

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:

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 2025

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
Trusts and Foundations grants
Other Donations
Gift Aid		 Unrestricted
£
185,000
10,800
783
-
196,583		 £
-
1,568
172,202
325
174,095
Restricted		 2025
Total
£
185,000
12,368
172,985
325
370,678		 2024
Total
£
125,000
38,863
10,000
1,000
174,863

Of the total income in 2024, £25,791 was restricted and £151,439 was unrestricted

16

The National Archives Trust

Notes to the financial statements

For the year ended 31 March 2025

This is stated after charging / crediting:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Depreciation|1,032|1,032| |Independent examination|960|960|

----- End of picture text -----

4

Analysis of staff costs, Trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Salaries and wages|141,754|153,751| |-| |Redundancy and termination costs|13,200| |Social security costs|16,904|12,434| |Employer’s contribution to defined contribution pension schemes|28,292|29,081| |200,150|195,266|

----- End of picture text -----

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 £98,455 (2024: £94,620).

The charity Trustees were not paid or received any other benefits from employment with the charity in the year (2024: £nil). No charity Trustee received payment for professional or other services supplied to the charity (2024: £nil).

During the year no (2024: 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:

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |No.|No.| |Charitable activities|2.7|3.0| |2.7|3.0|

----- End of picture text -----

17

The National Archives Trust

Notes to the financial statements

For the year ended 31 March 2025

Aggregate unrestricted donations received from related parties total £11,033 (2024: £21,000). This includes donations from NPT Transatlantic (donor-advised fund of Marc, who is a trustee, and Rachel Polonsky) and the Bisset Trust (a donor-advised fund of David Lough, Chair).

Aggregate restricted donations received from related parties total £7,217 (2024: £13,000), comprising £500 from Anne Sebba, a trustee, to support the Education Bursary programme and £6,717 from the Bisset Trust (as above) to support the North East Museums Partnership.

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

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
£
3,097
3,097
1,798
1,032
2,830
267
1,299		 Total
£
3,097
-
3,097
1,798
1,032
2,830
267
1,299

All of the above assets are used for charitable purposes.

10 Debtors

Accrued income 2025
£
224,385
224,385		 2024
£
224,000
224,000

18

The National Archives Trust

Notes to the financial statements

For the year ended 31 March 2025

9 Creditors: amounts falling due within one year

Other creditors
Accruals		 2025
£
2,015
14,970
16,985		 2024
£
6,750
2,914
9,664
10
General
unrestricted
£
267
39,048
39,315
General
unrestricted
£
1,299
56,914
58,213
Net current assets
Net assets at the end of the year
Analysis of net assets between funds at the start of year
Tangible fixed assets
Net current assets
Net assets at the end of the year
Tangible fixed assets
Analysis of net assets between funds at the end of year		 £
-
-
-
£
-
-
-
Designated
Designated		 Restricted
£
-
293,366
293,366
Restricted
£
-
225,791
225,791		 Total funds
£
267
332,414
332,681
Total funds
£
1,299
282,705
284,004

19

The National Archives Trust

Notes to the financial statements

For the year ended 31 March 2025

11 Movements in funds

Empire of Stories
North East Museums Partnership
Sensing the Archives
Total restricted funds
General funds
Total restricted funds
General funds
Total unrestricted funds
Total funds
Schools Bursary Programme
Education Programme
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		 At the start
of the year
£
200,000
15,791
10,000
-
-
-
225,791
58,213
58,213
284,004
At the start
of the year
£
300,000
-
-
300,000
115,281
115,281
415,281		 Income &
gains
£
-
8,393
-
20,000
132,717
12,985
174,095
200,091
200,091
374,186
Income &
gains
£
-
15,791
10,000
25,791
151,439
151,439
177,230		 Expenditure
& losses
£
(100,000)
(6,520)
-
-
-
-
(106,520)
(218,989)
(218,989)
(325,509)
Expenditure
& losses
£
(100,000)
-
-
(100,000)
(208,507)
(208,507)
(308,507)		 Transfers
£
-
-
(10,000)
10,000
-
-
-
-
Transfers
£
-
-
-
-
-
-		 At the end of
the year
£
100,000
17,664
-
20,000
142,717
12,985
293,366
39,315
39,315
332,681
At the end of
the year
£
200,000
15,791
10,000
225,791
58,213
58,213
284,004

Purposes of restricted funds

Clore Duffield Foundation Grant – the grant received during the year was for the Clore Learning Centre. Schools Bursary Programme – donations received during the year are for the (renamed) Education Bursary Scheme.

Education Programme – donation made in the previous year for general education activity, now transferred to the North East Museums Partnership.

Empire of Stories – donations received during the year for this programme.

North East Museums Partnership – donations received this year for this programme. Sensing the Archives – donations received this year for this programme.

20