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)rnmen￿ng 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 y￿rk 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 TrUm￿ng10n1l922-2ol8l. 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.
Betr￿en 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 Ong￿ng commthent to support the care. o)ntrol aThJ preservation of the Churchill
Archives Centre's collections. It wll seek to retain suffitsent ca￿tal to generate the income required to
fu￿1 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
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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 Char￿eS 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 Saf￿U8rdlng 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£ V￿th the
requirements of the char￿e5 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 re￿rdS 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 Re￿rts> 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,L￿9
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 ac￿rdanCe wth Accounting and Reporting by
Charities.. Statement of Recommended Pracb'ce applicable to charities preparing their accounts in
accordance wth the Finanaal Repo￿ng 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 finan￿al 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 A￿untr.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 ACtiv￿e$ 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 InT￿stmenta55Ots
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
Trusts*s R*mun•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
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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 aCtiV￿e$ 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 aCtiV￿eS 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