Churchill College Archives Trust
Registered Charity No 273633
Report and Financial Statements
for the year ended 30 June 2024
Churchill College Archives Trust Trustees and Advisers
Trustees
Prof Dame Athene Donald (Chairman) Mrs T M James Mr R Churchill
Secretary
Mr A Packwood
Registered Office Churchill College Storey's Way Cambridge CB3 0DS
Registered Charity Number 273633
Independent Examiner Suzanne Goldsmith Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 0WZ
Bankers
Barclays Bank Plc Bene't Street Cambridge
Lloyds Bank 3 Sidney Street Cambridge, CB2 3HG
CCLA Investment Management Ltd COIF Charity Funds 80 Cheapside London EC2V 6DZ
Investment Managers BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA
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Churchill College Archives Trust Trustees Report
For the year ended 30 June 2024
The Trustees present their annual report and financial statements for the year ended 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's trust deed, the Charities Act 2011 and 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 (FRS102) effective for accounting period commencing on or after 1 January 2019.
Structure, Governance and Management
The Trust was established by a Trust Deed dated 29 April 1977. The Charity number is 273633.
The Trustees during the financial year 2023/24 were the Master and Bursar of Churchill College (ex officio) and Mr Randolph S Churchill (as a representative of the family of Sir Winston Leonard SpencerChurchill KG OM CH PC, the founder of Churchill College).
The Trustees have appointed the Director of the Churchill Archives Centre as Secretary to the Trust. The Chairman is determined by the Trustees and is normally the Master of Churchill College. New Trustees are shown the work of the Centre and the Trust by the Director of the Archives Centre, Mr Packwood. They receive an annual report on the work of the Trust and of the Archives Centre as a whole.
In accordance with the Statement of Recommended Practice (Accounting and Reporting by Charities), the Trust is defined as being connected with Churchill College, whose principal address is Storey's Way, Cambridge, CB3 0DS. Both entities have common administration.
The Trust made a grant of £44,000 (2023: £45,000) to Churchill College in respect of donations, interest and dividends received by the Trust.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Objectives and Activities for the Public Benefit
During the year, the main objectives for the Trust were to use the annual grant to support preservation and access to the collections. The Trustees make an annual grant from the endowment funds of the Trust to the Churchill Archives Centre in support of general and specific activities in accordance with their objectives. The Trustees meet annually to ensure that the management of their grant is effective.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities.
The Trust met on 11 December 2023. The Trustees confirmed the minutes of the meeting of 5 December 2022, approved the statutory accounts for 2022/23 and the accompanying letter of representation to the Independent Examiners, approved the investment strategy and reviewed their trustee declarations.
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Churchill College Archives Trust Trustees Report
For the year ended 30 June 2024
The second grant payment of £10,000 towards the cost of the digital preservation management system was made during the year and included in the grant payment to the College for the year ended 30 June 2024. The remaining payment of £10,000 will be made in 2024/25 and has been included as an expense in 2023/24 in accordance with the requirements of accounting standards.
Achievements and Performance
The Trust supported a wide range of work at the Churchill Archives Centre, including:
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Conservation and cataloguing work on the papers of Philip Gould, Davidson Nicol, Julian Amery and Fenner Brockway.
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The continuing development of the Digital Preservation Management System (Libsafe), including the creation of an access portal to make content freely available.
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During the course of the College year 2023-24, the Churchill Archives Centre hosted 393 individual researchers and issued 9168 items in the reading rooms. In addition the Centre hosted 4 visiting Archives By-Fellows and made over 56,000 copies for researchers who were unable to visit the Centre in person.
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Staging an international conference to celebrate the 50th anniversary of the Churchill Archives Centre (25-26 September 2023) and hosting the 20th Stephen Roskill Memorial Lecture, which
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A feasibility study and initial planning exercise for the future expansion of the Churchill Archives Centre.
Financial Review
The Trust does not have any permanent capital. The Trust had net current assets of £10,227 at 30 June 2024 (2023: £20,338) and investments with a market value of £1,684,685 at 30 June 2024 (2023: £1,540,332).
The Trust has an ongoing commitment to support the care, control and preservation of the Churchill Archives Centre’s collections. It will seek to retain sufficient capital to generate the income required to fulfil these commitments. The Trustees are of the opinion, on a fund-by-fund basis, that assets are available to fulfil the obligations of the Trust.
Reserves Policy
The Trustees have a policy of retaining sufficient liquid assets to meet on-going commitments which is deemed to be one year of net expenditure. This is estimated to be no more than £5,000 pa, the 2024/25 grant of £10,000 re the Digital Preservation Management System having already been accounted for in 2023/24. The Trust had £10,227 net current assets at 30 June and therefore meets its reserves policy.
Plans for Future Periods
The Trust will continue to support staff and resource costs at the Archives Centre in support of the Centre's strategic plan for enhancing preservation and increasing access. It will continue to provide financial support for the Digital Preservation Management System.
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Churchill College Archives Trust Trustees Report
For the year ended 30 June 2024
Key Management Personnel Remuneration Policy
The trustees consider themselves key management personnel of the trust. All trustees give their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related parties are disclosed in notes 2 and 7 to the accounts.
Independent Examiners
Mrs Suzanne Goldsmith of Price Bailey LLP was reappointed as the Trust's independent examiner during the year and Mrs Goldsmith has expressed her willingness to act in that capacity.
ON BEHALF OF THE BOARD
Mrs T M James Trustee
Date:����������������
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Churchill College Archives Trust Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Trust's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view the Trustees should follow best practice and:
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Observe the methods and principles of the Charities SORP 2019;
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Select suitable accounting policies and then apply them consistently;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011 , the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding 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 James Trustee
Date: ���������������
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Churchill College Archives Trust
Independent Examiners Report to the Trustees of the Churchill College Archives Trust
I report to the Charity Trustees on my examination of the accounts of the Trust for the year ended 30 June 2024 which are set out on pages 9 to 12.
Responsibilities and Basis of Report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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2 the accounts do not accord with those records; or
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3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Suzanne Goldsmith FCA Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 0WZ
Date: 30 January 2025
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Churchill College Archives Trust Statement of Financial Activities
For the year ended 30 June 2024
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Unrestricted Unrestricted
Funds Funds
Note 2024 2023
£ £
INCOME
Voluntary Income:
Donations 1,000 -
Investment Income
Newton Global Growth & Income Fund 36,453 35,334
Churchill College Amalgamated Investment Fund (J&J Louis a/c) 4,232 3,910
Bank Interest 3,374 1,885
Total Income 45,059 41,129
EXPENDITURE
Charitable Activities 3 55,170 45,942
Total Expenditure 55,170 45,942
Net (Expenditure)/Income before other gains and losses (10,111) (4,813)
Net Gains on Investments 144,353 77,882
Net Income 134,242 73,069
RECONCILIATION OF FUNDS
Total funds brought forward 1,560,670 1,487,601
Total Funds Carried Forward 1,694,912 1,560,670
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All income and expenditure derives from continuing activities
The statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 12 form part of these financial statements.
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Churchill College Archives Trust Balance Sheet
As at 30 June 2024
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Note 2024 2023
£ £ £ £
Fixed Assets
Investments 4 1,684,685 1,540,332
Current Assets
Cash at Bank and in Hand 6 61,135 63,000
Liabilities: Amounts falling due within one year 5 (50,908) (42,662)
Net Current Assets 10,227 20,338
Net Assets 1,694,912 1,560,670
THE FUNDS OF THE CHARITY
Unrestricted Income Funds 7 1,694,912 1,540,670
Designated Funds 7 - 20,000
Total Charity Funds 1,694,912 1,560,670
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On behalf of the Board
Mrs T M James Trustee
Date: ���������������
The notes on pages 9 to 12 form part of these financial statements.
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Churchill College Archives Trust Notes to the Financial Statements
For the year ended 30 June 2024
The principal accounting policies adopted are laid out below, presented in sterling, and rounded to the nearest pound.
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) (effective 1 January 2019) - (Charities SORP 2019 (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective for accounting periods commencing on or after 1 January 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 January 2019 which has since been withdrawn.
The Trust constitutes a public benefit entity as defined by FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
(b) 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 grant payment.
The trustees therefore consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. As such, they continue to adopt the going concern basis of accounts in preparing the financial statements.
(c) Fund Accounting
The Income Fund represents unrestricted funds for the upkeep and maintenance of the Churchill Archives Centre and such activities relating to the archive as are authorised. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
(d) Investments
Investments held for the long-term to generate income or capital growth are carried at market value measured as the bid value at the Balance Sheet date which 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.
(f) Cash at Bank and in Hand
Cash at bank and cash in hand includes cash and money held in deposit or similar accounts.
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Churchill College Archives Trust Notes to the Financial Statements
For the year ended 30 June 2024
(g) Creditors
Creditors 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 are normally recognised at their settlement amount after allowing for any trade discounts due.
(h) Income
Income from grants receivable, investments and bank deposits is included in the Statement of Financial Activities as income. Interest is included gross.
(i) Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the Trust in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance expenditure comprises those costs associated with meeting the constitutional and statutory requirements of the Trust and include the audit fees and costs linked to the strategic management of the Trust.
All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resources. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
(j) Realised and unrealised gains and losses on investment assets
Realised gains and losses are recognised as arising at the time of disposal from the portfolio by comparing the sale proceeds with the acquisition cost.
Any unrealised increase or decrease in the value of investment assets is shown as an unrealised gain or loss in the Statement of Financial Activities.
(k) Financial Instruments
Financial assets and financial liabilities are recognised when the trust becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs).
The trust 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 which is deemed to be fair value. Investments are valued at their market value as disclosed in note 4 which also discloses their historical cost.
(l) Significant Accounting Estimates and Judgements
There are no significant accounting estimates or judgements which might materially affect the financial statements.
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Churchill College Archives Trust Notes to the Financial Statements
For the year ended 30 June 2024
2 Trustees Remuneration
Trustees did not receive any remuneration in the year. No amounts were reimbursed to Trustees for expenses incurred in attending Trustee meetings.
| 3 Analysis of Expenditure 2023/24 Basis of Allocation Grant to Churchill Archives Centre at Churchill College Direct Grant re Digital Preservation Equipment Direct Grant to be paid in 2024/25 Direct Independent Examination Fees Direct Bank Charges Direct 2022/23 Basis of Allocation Grant to Churchill Archives Centre at Churchill College Direct Grant re Digital Preservation Equipment Direct Independent Examination Fees Direct Bank Charges Direct 4 Investments Listed Investments Market value at 1 July 2023 Net gain/(loss) on revaluation Market value at 30 June 2024 2024 Cost £ 950,939.86 Units in Newton Growth & Income Fund for Charities 875,000 |
Grant to Churchill College £ 34,000 10,000 10,000 - - 54,000 Grant to Churchill College £ 35,000 10,000 - - 45,000 2024 Market Value £ 1,684,685 1,540,332 144,353 1,684,685 2024 Market Value £ 1,684,685 |
£ - - 1,140 30 1,170 £ - - 912 30 942 2023 Cost £ 875,000 Governance Costs Governance Costs |
Total 2024 £ 34,000 10,000 10,000 1,140 30 55,170 Total 2023 £ 35,000 10,000 912 30 45,942 2023 Market Value £ 1,540,332 1,462,450 77,882 1,540,332 2023 Market Value £ 1,540,332 |
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Churchill College Archives Trust Notes to the Financial Statements
For the year ended 30 June 2024
| 5 Creditors - due within one year Churchill College Grant re Digital Preservation Equipment 2024/25 Independent Examiner's Fee 6 Cash and Bank and in Hand Bank current account Deposit Account |
2024 £ 39,768 10,000 1,140 50,908 2024 £ 49,548 3,370 52,918 |
2023 £ 41,762 - 900 42,662 2023 £ 59,796 3,204 63,000 |
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7 Income Funds - Unrestricted
The income of the Trust represents unrestricted funds for the cataloguing, maintenance and improvement of the condition of the Churchill Archive and such other activities relating to the Archive as authorised.
Designated funds of £20,000 were set aside in 2022/23 to cover the costs of the Digital Preservation Managment System over the nexttwo financial years. The full cost has been expended in 2023/24 and hence the designated sum from 2022/23 has been released.
| Unrestricted funds: Balance as at 1 July 2023 Movement in funds, gains and transfers Balance as at 30 June 2024 Designated funds: Balance as at 1 July 2023 Movement in funds, gains and transfers Balance as at 30 June 2024 Total Funds |
2024 £ 1,540,670 154,242 1,694,912 20,000 (20,000) - 1,694,912 |
2023 £ 1,487,601 53,069 1,540,670 - 20,000 20,000 1,560,670 |
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8 Related Parties
The activities of the Trust are based at Churchill College to whom it makes contribution towards the Trust's running costs. The Trust made a grant of £44,000 to Churchill College in 2024 (2023 £45,000). The Trust Deed stipulates that the Master and Bursar of Churchill College are ex-officio Trustees of the Trust. The current chief executive officer is the Bursar of Churchill College.
Expenditure of £Nil (2023: £672) was incurred by the College on behalf of the Trust and the College received £4,232 (2023: £3,910) on behalf of the Trust. Included within the Trust's creditors as at 30 June 2024 is an amount of £39,768 owing to the College (2023: £41,762).
There are no other related party transactions to note.
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