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2025-06-30-accounts

Churchill College Archives Trust

Registered Charity No 273633

Report and Financial Statements

for the year ended 30 June 2025

Churchill College Archives Trust Trustees and Advisers

Trustees

Professor Sharon Jayne Peacock from 01/10/24 Prof Dame Athene Donald (Chairman) to 31/09/2024 Mrs Tamsin 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

Page 1

Churchill College Archives Trust Trustees Report

For the year ended 30 June 2025

The Trustees present their annual report and financial statements for the year ended 30 June 2025. 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 2024/25 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 £39,000 (2024: £44,000) 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 10 December 2025. The Trustees confirmed the minutes of the meeting of 14 January 2025, approved the statutory accounts for 2024/25 and the accompanying letter of representation to the Independent Examiners, approved the investment strategy and reviewed their trustee declarations.

Page 2

Churchill College Archives Trust Trustees Report

For the year ended 30 June 2025

The final grant payment of £10,000 towards the initial 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 2025.

Achievements and Performance

The Trust supported a wide range of work at the Churchill Archives Centre, including:

Financial Review

The Trust does not have any permanent capital. The Trust had net current assets of £14,341 at 30 June 2025 (2024: £10,227) and investments with a market value of £1,746,781 at 30 June 2025 (2024: £1,684,685).

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 £10,000 pa (as the Trust is expected to continue supporting the Digital Preservation Management sytem). The Trust had £14,161 net current assets at 30 June 25 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.

Page 3

Churchill College Archives Trust Trustees Report

For the year ended 30 June 2025

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 8 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: 10/12/2025

Page 4

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 2025 which are set out on pages 6 to 11.

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:

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: 11 March 2026

Page 5

Churchill College Archives Trust Statement of Financial Activities

For the year ended 30 June 2025

Note
INCOME
Voluntary Income:
Donations
Investment Income
Newton Global Growth & Income Fund
Churchill College Amalgamated Investment Fund (J&J Louis a/c)
Bank Interest
Total Income
EXPENDITURE
Charitable Activities
3
Total Expenditure
Net Income/(Expenditure) before other gains and losses
Net Gains on Investments
Net Income
RECONCILIATION OF FUNDS
Total funds brought forward
Total Funds Carried Forward		 Unrestricted
Funds
2025
£
-
37,143
4,255
2,958
44,356
40,242
40,242
4,114
62,096
66,210
1,694,912
1,761,122		 Unrestricted
Funds
2024
£
1,000
36,453
4,232
3,374
45,059
55,170
55,170
(10,111)
144,353
134,242
1,560,670
1,694,912

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 8 to 11 form part of these financial statements.

Page 6

Churchill College Archives Trust Balance Sheet

As at 30 June 2025

Note
Fixed Assets
Investments
4
Current Assets
Cash at Bank and in Hand
6
Liabilities: Amounts falling due within
5
Net Current Assets
Net Assets
THE FUNDS OF THE CHARITY
Unrestricted Income Funds
7
Total Charity Funds		 £
£
1,746,781
100,245
(85,904)
14,341
1,761,122
1,761,122
1,761,122
2025		 £
£
1,684,685
61,135
(50,908)
10,227
1,694,912
1,694,912
1,694,912
2024		 £
£
1,684,685
61,135
(50,908)
10,227
1,694,912
1,694,912
1,694,912
2024
1,694,912
1,694,912
1,694,912

On behalf of the Board

Mrs T M James
Trustee
Date: 10-Dec-25

The notes on pages 8 to 11 form part of these financial statements.

Page 7

Churchill College Archives Trust Notes to the Financial Statements

For the year ended 30 June 2025

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.

Page 8

For the year ended 30 June 2025

Churchill College Archives Trust Notes to the Financial Statements

(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.

Page 9

For the year ended 30 June 2025

Churchill College Archives Trust Notes to the Financial Statements

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

2024/25
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
2023/24
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
Investments
Listed Investments
Market value at 1 July 2024
Net gain/(loss) on revaluation
Market value at 30 June 2025
2025
Cost
£
950,939.86 Units in Newton Growth &
Income Fund for Charities
875,000		 Grant to
Churchill
College
£
39,000
-
-
39,000
Grant to
Churchill
College
£
34,000
10,000
10,000
-
-
54,000
2025
Market
Value
£
1,684,685
1,684,685
62,096
1,746,781
2025
Market
Value
£
1,746,781		 £
-
-
1,212
30
1,242
£
0
-
1,140
30
1,170
2024
Cost
£
875,000
Governance
Costs
Governance
Costs		 Total 2025
£
39,000
-
-
1,212
30
40,242
Total 2024
£
34,000
10,000
10,000
1,140
30
55,170
2024
Market
Value
£
1,684,685
1,540,332
144,353
1,684,685
2024
Market
Value
£
1,684,685

4 Investments

Page 10

Churchill College Archives Trust Notes to the Financial Statements

For the year ended 30 June 2025

5
Creditors - due within one year
Churchill College
Grant re Digital Preservation Equipment
Independent Examiner's Fee
6
Cash and Bank and in Hand
Bank current account
Deposit Account		 2025
£
84,692
-
1,212
85,904
2025
£
96,717
3,528
100,245		 2024
£
39,768
10,000
1,140
50,908
2024
£
49,548
3,370
52,918

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.

Unrestricted funds:
Balance as at 1 July 2024
Movement in funds, gains and transfers
Balance as at 30 June 2025
Designated funds:
Balance as at 1 July 2024
Movement in funds, gains and transfers
Balance as at 30 June 2025
Total Funds		 2025
£
1,694,912
66,210
1,761,122
10,000
(10,000)
-
1,761,122		 2024
£
1,540,670
154,242
1,694,912
20,000
(20,000)
-
1,694,912

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 £39,000 to Churchill College in 2025 (2024 £44,000). 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.

Included within the Trust's creditors as at 30 June 2025 is an amount of £84,692 owing to the College (2024: £39,768).

There are no other related party transactions to note.

Page 11