Churchill College Archives Trust Registered Charity No 273633 Report and Financial Statements for the year ended 30 June 2023
Churchill College Archives Trust Trustees and Advisers Trustee5 Prof Dame Athene Donald Ichaimian) Mrs T M James Mr R Churchill Secretsry Mr A Packwood Registered Office Churchill College Storey's Way Cambridge CB3 ODS Register8d Charity Number 273633 Ind8P8ndent Examiner Suzanne Goldsmith Price Bailey LLP Tennyson House Catnbridge Business Park Cambridge CB4 OWZ Bankers Barclays Bank PIC Benet Street Cambridge Uoyds Bank 3 Sidney Street Cambridge, C82 3HG CCLA Investment Management Ltd COIF Charity Funds 80 Cheapside London EC2V6DZ Inv•stm8nt Managers BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA Page 1
Churchill College Archives Trust Trustees Report For the yèar ended 30 Jun• 2023 The Trustees present their annual report and finanaal statements for the year ended 30 June 2023. The finanoal statements have been prepared in accordance with the acujunting policies Set out in note 1 to the accounts and comply with the Chantys trust deed. the Charib'es Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 effective for aixounting Feriod 1x)rnmenng on after 1 January 2019. Structure, Governance and Management The Trust was established by a Trust Deed dated 29 April 1977. The Charrty number is 273633. The Trustees during the financial year 2022r23 were the Master and Bursar of Churthill College lex officiol and Mr Randolph S Churchill las a representab.ve of the famity of Sir Winston Leonard Spencer- Churchill KG OM CH PC, the founde¥ of Churthill College). The Trustee5 have appointed the Director of the Churchill Archives Centre as Secretsry to the TtusL The Chaimian is detemiined by the Trustees and is nomially the Master of Churchill Cdlege. New Trustees are shown the work of the Centre and the Trust by the Director ofthe Archives Centre. Mr Packwood. They receive an annual report on the yrk ofthe Trust and of the Archives Centre as whole. In accordance with the Statement of Recommended Prathce {Accounb"ng and Reporting by Charities), the Trust is defined as being connected Churthill College. whose prinripal address is Storey's Way, Cambridge, CB3 ODS. Both ent.eS have MmOn administrats'on. The Trust made a grant of £45,00012022". £35,000) to Churchill College in respect of donab"ons, interest and dividend5 received by the Trust. Risk Management The Trustees have examined the major strategic. business and operational risks which the Trust faces and confim that systems have been established to enable regular reports to be produced so that the necessary Steps can be taken to lessen Ihe5e risks. Objèetiv•s and Aetivitiès for th• Public Bènèfft During the year, the main objedives forlhe Trustwere to use the 3nnu31 grant to support preserv3b.on and a0$$ to the collections. The Trustee$ make an annual grant from the endiwnent fvnds of the Trust to the Churthill Archives Centre in support of general and specific activits'es in accordance wilh their objectives. The Trustees meet annually to ensure that the management of their grant is effective. The Trustees confim that they have referred to the guidance contained in the Charrty Commission's general guidance on public benefft when reviewng the Trusys aims and objectives and In planning future acbvities. The Trust met on 5 December 2022. The Trustees approved and signed the statutory accounts for 2021r22 and the accompanying letter of representab.on to the Independent Examiner. They reviewed the register of trustee dedarab.ons and the performance of the Trust's investrnent fund. They a150 agreed to contribute £10.000 per year for the nexl three years towards the cost of the Archives Centre's digital preservation management system. This has been included in the grant to Churchill College of £45,000 noted eadier. The first grant payment of £10.000 has been made and induded in the grant payment to the College for the year ended 30 June 2023 however communicab.on of the remaining £20.000 payment was not made to the College until Juty 2023 and the Trustees have therefore ¢re*ed a designated fund for their future fvnding intenbons. Page 2
Churchill College Archives Trust Trustees Report For the yèar ended 30 Jun• 2023 Achlevements and Perfommnce The Trust Supported a wide range ofwork at the Churchill 1ve$ Centre. induding.. The accessioning of the papers of Paul Addison11943-20201, historian and fomer SearCh a55iStant to Rando1 Churthill". Correlli Bamett {1927-20221. historian and former Keeper of the Churchill Archives Centre.. Papers relab'ng to work at Bletchley Park by Gordon Welchman. Peter Twnn and Alastair Denniston., addthonal material for Broadwater Collection, books and papets of Churd)ill family". addib.onal papers ol Tam Datyell11932-20171, poltb"aan," Esher family correspondence and papers". Sir Michael Perrin1190&881. srienb"5t." John Tusa1193&1. broadcaster and arts administrator. The conservation team continued rts work on preserving audio visual material through digitisation. Many audio cassette tapes were digth.sed in-house and the Centre also invested in new equipment for the capture of VHS tapes. Several vulnerable rare or unique lacquer discs (gramophone records) were digitised. Open reel tspes were sent to Norfolk Sound Archive for CODvina. The cataloguing and conservation ofthe papers of Sir Hersch Lauterpacht11897-1%01, international lawyer and Baroness TrUmng10n1l922-2ol8l. politician. The Centre acquire(l rts digital Preservalion Management System (Libsafel and began the transfer of digrtal files onto the new system. During the course ofthe College year 2022-23, the Churthill Archives Centfe hosted 375 individual researchers and issued 8415 files in Ihe reading rooms. In addtb.on the Centre hosted 4 visiting Archives 8y-Fellows and male over 90.000 copie5 for researcheis who were unable to visit the Centre in person. Betren 17 May and 22 June 2023. the Centre supported a visit by researchers from the University of Fort Hare, South Africa. An online exhibition entiued Hidden Voice5. curated by sewrKI year history students from Anglia Ruskin University.. A series of events around the theme s"enCe in Peace and War, tompri5ing a lecture by Howard Markel on his book The Swet of Lrfe120 Octl. a launch for the book The Bletchley Park codebreakers in their own words by Joel Greenberg11 Novl and a syrnposium on the life and legacy of AV Hill 116 Novl-, An Open Day ftsr the College communrfy to celebrate Ihe 50th anniversary of the Churchill Archives Centre116 Junl. Financial Review The Trust does not have any pemianent capital. The Trust had net current assets of £20.338 at 30 June 202312022". £25,151) and investrnents a market value of £1,540,332 at 30 June 202312022". £1.462,450}. The Trust has an Ongng commthent to support the care. o)ntrol aThJ preservation of the Churchill Archives Centre's collections. It wll seek to retain suffitsent catal to generate the income required to fu1 these cornmitrnent5. The Trustees are of the opinion. on a fund-by-fvnd basis. that a55ets are available to fulfil the obliqations of the Trust Reserves Policy The Trustees have a policy of retaining sufficient liquid assets to meet owoing commitments is deemed to be one year of expendiiure. This is estimated to be no more than £15,000 pa, induding Page 3
Churchill College Archives Trust Trustees Report For the year ended 30 June 2023 the £10,000 pa Digital Preservation Management System o)mmitment for the next 2 years. The Trust had £20,833 net current assets at 30 June and therefore meets rts ieserves policy. Plans for futurg Periods The Trust will continue to support staff and resource costs at the Arthives Centre in support of the Centre's strategic plan for enhancing preservatson and increasing access. It will ntinue to provide finanoal support for the Digital Preservation Management System. Key management personnel remunerntion policy The trustees consider themselves key management personnel of the twst. All trustees give their time freely and no trustee remunerats.on was paid in the year. Details of trustee expenses and related parties are di5dosed in notes 2 and 7 to the accounts. Independent Examiners Mrs Suzanne Goldsmith of Price Bailey LLP was reappointed as the Trusfs independent examiner during the year and Mts Goldmith has exwessed her wllingness to act in that capauty. ON BEHALF OF THE BOARD Mrs T M Jam8s Trustee Date. 11 December 2023 Page 4
Churchill College Archives Trust Trustees. Responsibilities The Trustees are responsible foT preparing the Trustees. Annual Report and the finanaal statements in ccordance wth applicable law and United Kingdom Accountin9 Standards (United Kingdom Generally Accepted Accounts'ng Practice). Law applicable to ChareS in England and Wales requires the Trustees to prepare finanaal staternents for each finanaal year which give a true and fair view of the Trusfs finanoal activib.es during the year and of its financial posib.on at the end of the year. In pieparing finanoal statements gwing a true and fair view the Trustees should follow best practice and.. Observe the methods and prinaples of the Charibes SORP 2019", Select Suitable accounting policies and then apply them nsIStenty'. Make judgements and estimaies that are reasonable and prudent.. State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disdosed and explained in the finanaal statements," Prepare the finanual statements on the going co[eM basis unless it is inappropriate to pie5LJme that the Trustwll conb.nue in operab"on. The Trustees are responsible for keeping proper accountiThJ rewds that disdose with reasonable accuracy at any time the finanaal poS"0n of tt)e Trust and enable them to ensure that the finanaal statements comply the Ch3tibe5 AL* 2011 . Ihe Charrbes IAccounts and Reports) Regulab"ons 2008 and the provisions of the Trust deed. They are also responsible for SafU8rdlng the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ON BEHALF OF THE BOARD Mrs T M Jamès Truste8 Date.. 11 D8C8mb8r 2023 Page 5
Churchill College Archives Trust Independent Examiners Report to the Trustees of the Churchill College Archives Trust I report to the Charity Trustee5 on my examination ofthe accounts of the Trust ft)rthe year ended 30 June 2023 which are set out on pages 9 to 12. Responsibilities and Basis of Report As the charity's trustees you are responsible for the preparabon oflhe a)unt$ in ac£ordanc£ Vth the requirements of the chare5 Act 2011 I'ihe ACYI. I report in respect of my examination of the Trust's accounts carrie(l out under section 145 of the Aci and in carrying out my exarnination I have followed all the applicable Direcbons gwen by the Charity Comrnission under 3ecb.on 14515llbl of the Act Independent Examlnees Statement I have completed my examination. I confim that no material matters have come to my attenb.on in connethon the examin"i)n giwng me cause to leve that in any material respe(.. a¢wunting rerdS were not kept in resrErt of the tharity as required by $eth"on 130 of the Act.. or 2 the accounts do not accord Vlith those records.. or 3 the accounts do not comply wth the applicable requirements conceming the form and content of accounts set out in the Chants"es IAccounts and Rerts> Regulab"ons 2008 other than any requirernent that the accounts give a Xrue and fairview. which is not a matter considered as part of an independent examination_ I have no concems and have come acr055 no other matte[5 in (x)nnection wth the examinab.on to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Suzanne Goldsmith Price Bailey LLP Tennyson House Catnbridge Business Park Cambridge CB4 OWZ Date. 22 December 2023 Page 6
Churchill College Archives Trust ststement of Financial Activities For th8 year endèd 30 June 2023 Unrnstrictsd Funds 2023 Unr8stri¢tsd Funds 2022 INCOME Investment Income Newton Global Growth & IrMx)me Fund Churchill College Amalgamated Inveslment Fund lJ&J Lwis ¢) Bank Interest 35,334 3.910 1,885 33,853 3,542 Total Income 41,129 37,481 EXPENDITURE Charrtable Activities 45,942 35,691 Total Expenditure 45,942 35,691 Nèt (Expendiiurelllncome before other gains and losses 14,8131 1,790 Net GainsllLossesl on Invesbnents 77.882 127,9581 Nèt IncomèllExpènditur•l 73,L9 126,1681 RECONCIUATION OF FUNDS Total funds brought forvrard 1.487.601 1,513,769 Total Funds Carried Forward 1.560.670 1.487,601 All incorne and expenditure derives from eonb"nuing ath"viti"es The statement of financial acbvibes indudes all gains and losses rerxjgnised in the year. The notes on pages 9 to 12 form part ofthese finanual statements. Page 7
Churchill College Archives Trust Balance Sheet As at 30 Jun8 2023 2023 2022 Fixed Assets Investments 1.540.332 1.540.332 1.462.450 1.462.450 Total Fixed Assets Current Assets Cash at Bank and in Hand 63.000 84,571 Liabilities: Amounts falling due within one year 142.6621 159.4201 Ngt Currgnt A¥$ets 20.338 25.151 Nèt Ass•ts 1,560,670 1,487,601 THE FUNDS OF THE CHARITY Unrestricted Income Funds Designated Funds 1,540.670 20.000 1,487,601 Totsl Charrty Funds 1.560.670 1.487.601 On behalf ofthe Board Mrs T M James Trustee Date.. 11 D8c8rnber 2023 The notes on pages 9 to 12 form part of these finanryal statements. Page 8
Churchill College Archives Trust Notes to the Financial Ststements For the yèar ended 30 June 2023 The principal acwunting poliryes adopted are laid oul bel. rwnted in sterling. and rounded to the nearest pound. Aeeounting Poliei•s la} Basis of Preparation The financial staternents have been prepared in acrdanCe wth Accounting and Reporting by Charities.. Statement of Recommended Pracb'ce applicable to charities preparing their accounts in accordance wth the Finanaal Repong Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- (Chartbes SORP 2019 IFRS10211. the Financial Reporting Stsndard 8DDlicable in the UK and ReDublic of Ireland IFRS 1021 and the Charities Act 2011. The finanal statements have been prepared to give a'true and fa"r' view and have departed from the Charities IAc£ounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair vie. This departure has involved following Auntr.n9 and Reporting by Charities preparing their accounts in accordance the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective for accounb.ng periods commenung on or after 1 January 2019 rather than the Accx)unting and Reporting by Charities.. Ststement of Recommended Practicè Èffective from 1 Januarv 2019 vthich has sinte been withdrawn The Trust constitutes a public benefft entsty as defined by FRS102. Assets and liabilib.es are inib.ally recogni5ed at historiral co$t or transa¢b"on value unle55 othenthise stated in the relevant accounting policy note. Ibl Going Concern The Trustees determine the amount of grant to pay to Churchill College each year. based on the net income of the Trust for the year. If necessary. the Trustees can decide not to make a donation. The trustees therefore consider that the are no material uncertainb.es about U)e Trust's ability to continue as a going Con. As such. they continue to adopt the going concem basis of accounts in preparing the financial statements. Ic) Fund Accounting The Income Fund represents unrestricaed fvnds for the upkeep and rraintenance of the Churchill Archives Centre and such activ"e$ relab.ng to the archive as are authorised. Designated funds cornpiise unrestricted fund5 that have been set aside by the Trustee5 for particular purposes. The aim and use of each designated fvrKI is set out in the noles lo the finana81 statements. {dl Inve5trnents Investments held for the long-temi to generate income or capital growth are carried at market value measured as the bid value at the Balance Sheet date wthich is considered to be the fair value and disclosed as fixed asset investments at the balance sheet date. {e} Debtors Debtors are recognised at the settlement amount due. ifj Cash at Bank and in Hand Cash at bank and cash in hand indudes cash and rnoney held in derK)sit or &milar accounts. Page 9
Churchill College Archives Trust Notes to the Financial Statements For the year ended 30 June 2023 Igl Creditors Credittsrs are recognised where the charity has a present obligation resutb.ng from a past event that 11 probably result in the transfer of funds to a third party and the amount due to setde the obligation can be measured or estimated reliably_ Creditors are nomialty recognised at their setdement amount after allowing for any trade discounts due. (h) Income Income from grants receivaNe. inveslments and bank deposits is induded in the Statement of Financial ACtive$ as income. Interest is induded gross. Expenditure Expenditure is recognised on an accAual basis a5 a liabilty is incAJrred. Expenditure indudes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates. Charitable expendittjre comprises those cJ)sts incurred by the Trust in the delivery of its activ.eS and services for its benefiuaries. It indL¥Jes bott) costs that can be allocated directly to such activits.es and those costs of an indirect nature necessary to support them. Governance expenditure comprises those o)sts asswated with meeting the constitutional and statutory requirements ofthe Trust and indude the auditfees and costs linked to the strategic manaaement tsfthe Trust. Al costs are allLtated beiween the expendibjre categories of the ststement of finanaal adivtbes on a basis designed to reflect the use of the resourc£s. Costs relating to a particular activty are allocated diredy. others are apporb'oned on an apprc4)riate bass. til Realised and unrealised gains arKI losses on InTstmenta55Ots Realised gains and losses are recogni5ed a5 ari%ng at the time of disposal from the portfolio by cornparing the sale proceeds Ihe acqui*tion cost Any unrealised increase or deuease in the value of inveslment assets is shown as an unrealised gain or loss in the Statement of Finanoal Activthes. (kl Financial Instruments Financial assets and financial liabilities are reo)gnised when the tnjst becx)mes a paty to the contractual provisions of the instrument. Al finanoal assets and liabilthes are in"allY measured at transaction price linduding transath.on costs). The trust only has financial assets and finanual liabilibes of a kind that qualify as basic finanaal instruments. Basic financial instruments are intb.ally recognise(l at transaction value and subsequenuy measured at their setuernent value vthich is deemed to be fail value. Investrn8nts are valued at their market value as disdosed in note 4 which also disdoses their historical cost. SlgnSficant Accountlng Estlmates and Judgements There are no significant accounling eslimates JUdgeMents which might materially affect the statements. Page 10
Churchill College Archives Trust Notes to the Financial Ststements For the yèar ended 30 June 2023 Trustss Rmun•rntion Ttustees did not receive any remuneration in the year. No amounts were reimbursed to Ttustees for expenses incurred in attending Trustee meetings. Analysis of Exp•nditur• fjrant to Churchill Govemance Coll8ge Costs Basis of Allocation 2022123 Total 2023 Grant to Churchill Arthives Centre at Churchill College Grant re Digital Preservation Equipment Independent Examination Fees Bank Charges Direct Direct Direct Direct 35.000 10.000 35.000 10.000 912 30 45,942 912 30 942 45.000 Grdnt to Churchill Governan College Costs BasTS of Allocation 2021122 Total 2022 Grant to Churchill Archives Centre at Churchill College Independent Exarninab"on Fees Bank Charges Direct Direct Direct 35,000 35,000 660 31 35,691 660 31 691 35.000 Investments 2023 Market Value 2022 Market Value Listed Investments 1.540.332 1.462.450 Market value at 1 Juty 2022 Net gainlllossl on revaluation Market value at 30 June 2023 1,462,450 1,490,408 Tl,882 127,9581 1,462,450 1,540,332 2023 Cost 2023 Market Value 2022 Cost 2022 Market Value 950,939.86 Units in Newion Growlh & Income Fund for Chatibes 875,000 1,540,332 875,000 1,462,450 Page11
Churchill College Archives Trust Notes to the Financial Ststements For the yèar ended 30 June 2023 CredStoYs - due wSthSn onè year 2023 2022 Churchill College Independent Exarninerfs Fee 41,762 900 42.662 58,760 660 59,420 Cash and Bank and in Hand 2023 2022 Bank current account Depc>sit Account 59,796 3.204 63.000 81,461 3,110 84.571 Ineorn• Funds - Unrèstrietèd The income of the Trust represents unrestri(tsl funds for the cataloguing. rnaintenan and improvement of the condition of the Churchill Archive and such other aCtiVe$ relating to the Archive as auth)rised. Designated funds of £20,000 have been set aside to cover Ihe costs of the Digttal Preservth"on Managrnent System over the next years. 2023 2022 Unrestricted funds.. Balance as at 1 July 2022 Mtsvement in funds, gains and transfers Balance as at 30 June 2023 1,487.601 53,069 1.540.670 1,513,769 126,1681 1.487,601 Designated funds: Balance as at 1 July 2022 Movement in funds, gains arld transfers Balance as at 30 June 2023 20.000 20.000 Total Funds 1,560.670 1,487,601 Related Partles The aCtiVeS of the Trust are based al Churchill College lo whom it makes o)ntribution towards the Trust's running costs. The Trust made a grant of £45.000 to Churchill College in 202312022 235,0001. The Trust Deed sb"pulates that the Master and Bursar of Churchill College are ex-tsffiuo Trustees of the Trust The current thief execulive officer is the Bursar of Churthill College. Expenditure of £67212022". £6601 was inoJrre(I by Ihe Cdlege on behaW of the Trust and the College received £3.91012022." £3.5421 on behaifof the TTUSI. Induded within the Trusvs creditors as at 30 June 2023 is an amount of £41.762 owng to the College12022.. £58.7601. There are no other related paty transacb.ons to note. Page 12