Registered number: 01354445 Charity number: 276194
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 21 |
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021
Trustees
Mr G Russell, Chair Mr J Best, Deputy Chair Mrs S Watson, Treasurer Mr G Hinton Mr S Goode Mr P Smith Mr J Tylee Mr P Bainsfair Mrs R Arnold Mr S Woodford Mr J Billett Mr P Buchanan Mr R Earle Mr T Knox Ms S S Y Chan (Appointed 13.03.2022) President Keith Weed CBE Company registered number 01354445 Charity registered number 276194 Registered office HAT House 12 Raveningham Centre Beccles Road Raveningham Norwich Norfolk NR14 6NU Key management personnel Mr J Gordon-Saker, Executive Director (Appointed 01.06.2021) R Powell OBE, Executive Director (Resigned 31.05.2021) Independent examiners On behalf of Price Bailey LLP Chartered Accountants Anglia House, 6 Central Avenue St Andrews Business Park Thorpe St Andrew Norwich Norfolk NR7 0HR
Page 1
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT (INCORPORATING A DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their annual report together with the financial statements of The History of Advertising Trust for the year 1 January 2021 to 31 December 2021. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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).
Since the charity qualifies as small, the strategic report required of medium and large companies under The
Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.
The History of Advertising Trust is a company limited by guarantee, governed by its Memorandum and Articles of Association dated 18 February 1977 and amended 5 October 2021.
Objectives and Activities
The History of Advertising Trust (‘HAT’) was founded in 1976 by a small group within the advertising industry with the aim to develop an accessible and representative archive resource for the study of advertising. The Trust gained charity status in 1978.
HAT aims to promote learning and creative excellence by preserving and celebrating the advertising heritage of the UK. It has developed in close collaboration with the advertising/marketing communications industry, collecting its records over the last forty years to form a unique research and study resource dating from 1800 to the present day. It has become the largest and most comprehensive archive of British advertising and marketing communications in the world and is brand manager for several UK important brands, institutions and agencies.
Regarded by many as a national treasure, HAT provides the stories behind many famous brands, the ideas and research that led to their development, changing image and campaign messages. These can be understood within the context of an evolving advertising industry, its regulatory bodies, agencies, professional associations, networking groups and social clubs whose historical records form the core of the collection. The advertisements themselves also provide an invaluable record of social, economic and cultural changes and trends that have occurred within British society over more than 200 years.
HAT’s vision is to promote understanding of advertising history by achieving the provision of a self-funded, nationally recognised, fully integrated archive that offers a unique, professional and complementary digital archive service.
HAT employs professionally qualified archivists to manage the collections and has been awarded Accredited Archive status by the National Archives. The Deputy Director supervises a team of skilled collections management staff that are further supported by trained volunteers on various archive projects according to priorities, as set in HAT’s annual archive management plan. HAT supports young people through the provision of work experience placements and internships organised through local education and training providers and works with universities and other educational establishments.
In setting our objectives and planning our activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and, in particular, to its supplementary public benefit guidance on advancing education and on fee charging.
Page 2
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT (INCORPORATING A DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021
Policies and objectives
Strategic objectives 2021-25
Education
Through HAT Collective, develop a clear and relevant learning, publishing and broadcast resource for higher education and professional development, to become a nationally recognised hub for brand leaders, students and industry alumni.
Digitisation
Document and safeguard the archive through digitisation, ensuring it remains uniquely representative of the UK brand communication sectors, gives clients a secure home for the preservation of their digital assets and eliminates the risk of permanent deletion.
Archive
Building on full accreditation as the leading archive for protecting and celebrating global brand heritage, continue to develop online accessibility for research and education, whilst accessing the assets for licensing, publishing and broadcast use and products such as Ad-Memoire.
Industry
Promote the relevance and importance of brand heritage through the scale of the archive, leading to wider use of its services by brands and agencies whilst gaining broader support and understanding of its purpose. To ensure the Trust is the logical archive offer to the industry and others.
Sustainability
Create sustainability through the prioritisation and diversification of revenue streams, understanding the commercial imperative, optimising sponsorship, donations and grant funding, whilst striving for ethical selfsufficiency in everything it does.
Storytelling
Position HAT as a contemporary provider of business benefits to its users, recognising the professional skills and expertise of the archivists, highlighting the significant role HAT plays in brand heritage and social history, in work, educational and personal settings.
Achievements and Performance Review of activities
HAT’s total revenue of £345,123 (2020: £303,966) shows an increased income of £41,157 on the previous year. The COVID Job Retention Scheme was essential in retaining staff and preventing a loss.
At end of the year 31st December 2021, annual income covered all expenditure, and the Trust made a small surplus of £19,565 (2020: £14,551), after being able to make a modest pay rise of 3.5%.
The Chairman’s loan to HAT of £15,000 remains outstanding and we are grateful that repayment is not sought until the charity is on a sustained, improved financial footing.
Fundraising
HAT understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate, but does not currently fundraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or face-to-face campaigns and received no fundraising complaints during the year. HAT is not registered with a fundraising regulator.
Page 3
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT (INCORPORATING A DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021
Financial review
A) Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the “going concern basis” in preparing the Financial Statements. Further details regarding the “going concern basis” can be found in the Accounting Policies.
B) Reserves policy
The History of Advertising Trust’s reserve policy is to break-even on cash income and expenditure, while retaining sufficient reserves to deal with unavoidable/ unforeseen cash-flow or other difficulties. Ideally, HAT should retain a reserve of £60,000 as an emergency contingency fund (equalling 3 months’ worth of known out-goings).
Current total reserves of the charity are £737,345 (2020: £717,780) which includes restricted funds of £22,113 (2020: £19,202) and unrestricted funds of £715,232 (2020: £698,578). Included in unrestricted funds are heritage assets, which are treated as designated funds; these total £540,793 (2020: £539,778). Free reserves, i.e. the general fund of £174,439 (2020: £158,800) less fixed assets of £48,758 (2020: £53,374), total £125,681 (2020: £105,426).
Structure, governance and management
A) Constitution
The Trust is registered as a charitable company, limited by guarantee (Number 01354445) and was set up by a Memorandum and Articles of Association on 18 February 1977, as amended on 5 October 2021. It is also a registered charity (Number 276194).
B) Governance
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Day-to-day management of the charity is delegated to the Executive Director Mr John Gordon-Saker succeeded Mr Richard Powell OBE on 1 July 2021.
The Chair and the Trustees bring great experience of the advertising industry to the charity and continue our connection with key people in the sector. The Trustees represent all sections of HAT’s charitable aims and are a benefit in connecting us with the industry and beyond.
Regular Business Group meetings take place quarterly throughout the year and are useful in gaining ideas and input from Trustees, using their knowledge and connections to progress the work plan.
In accordance with previous practice, a Finance and Audit Sub-group, comprising the Treasurer, Chairman and Exec Director, meet monthly throughout the year to review management accounts and monitor progress against budget.
Throughout the pandemic, HAT continued to operate and service client enquiries with no adverse impact. Following the Government’s relaxed guidelines relating to COVID-19, HAT employees and volunteers returned to work in July 2021 and continue to operate a new regime of hygiene and social distancing around the workplace and, as a result, staff, volunteers and visitors have enjoyed the safe environment. As an independent archive, we were not eligible for COVID-19 grants or business relief, but fortunately revenue was resilient and we were able to retain our workforce.
Page 4
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT (INCORPORATING A DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021
- C) Method of appointment or election of Trustees
Potential new Trustees are interviewed by the Board of Trustees and selected with a view to ensuring an appropriate mix of skills and expertise. The term of service of Trustees is reviewed annually by the Chair and Vice Chair against length of service and the key skill sets needed for HAT. There were no changes to the Trustees in 2021.
Future plans
The strategic plan has been reviewed and agreed as shown above and revenue streams have been prioritised to reflect the structure of a limited staff resource, so that we:
-
Engage with brands to attract new archive clients
-
Promote the range of archive services and their commercial benefits to agencies
-
Expand the educational resources of HAT Collective and reach a broader student community
-
Widely share the reminiscence benefits of Ad-Memoire to care homes and hospitals post-Covid
-
� Continue the digitisation of archive projects to increase online content
-
Ensure that more broadcast production companies are aware of our research and library resources
-
� Create a shop window for HAT in media hubs around the country with a touring exhibition
Content is king and HAT is in a strong position to make its assets work. The archive is contemporary, relevant and sustainable and, whilst its work is to preserve the past, capture the present and inspire the future, the call to action for clients and partners is simple – use the archive’s resources, sponsor or donate.
In preparing this report, the Trustees have taken advantage of the small companies’ exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the Trustees on 17 May 2022 and signed on their behalf by
G Russell
~~____~~ Geoff Russell (May 24, 2022, 10:30am) _____
Mr G Russell, Chair
Page 5
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2021.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants of England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 other to enable a proper understanding of the accounts to be reached.
Helena Wilkinson FCA DChA
Price Bailey LLP Chartered Accountants
Anglia House, 6 Central Avenue St Andrews Business Park Thorpe St Andrew Norwich NR7 0HR
Date: 24 May 2022
Page 6
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted funds 2021 Note £ INCOME FROM: Donations and legacies 2 46,895 Charitable activities 3 250,011 Investments 4 23 Other income 5 39,394 _ TOTAL INCOME 336,323 EXPENDITURE ON: Raising funds 3,499 Charitable activities 6 316,170 _ TOTAL EXPENDITURE 319,669 NET INCOME FOR THE YEAR 16,654 Transfers after net income for the year 3,880 RECONCILIATION OF FUNDS: Total funds brought forward 698,578 __ TOTAL FUNDS CARRIED FORWARD 719,112 |
Restricted income funds 2021 £ - 8,800 - - _ 8,800 - 5,889 _ 5,889 2,911 (3,880) 19,202 __ 18,233 |
Total funds 2021 £ 46,895 258,811 23 39,394 _ 345,123 3,499 322,059 _ 325,558 19,565 - 717,780 __ 737,345 |
Total funds 2020 £ 53,282 208,402 144 42,138 _ 303,966 1,194 288,221 _ 289,415 14,551 - 703,229 __ 717,780 |
|---|---|---|---|
All income and expenditure derives from continuing activities.
The notes on pages 9 to 21 form part of these financial statements.
Page 7
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee) REGISTERED NUMBER: 01354445
BALANCE SHEET AS AT 31 DECEMBER 2021
| FIXED ASSETS Tangible assets 9 Heritage assets 10 CURRENT ASSETS Debtors 11 Cash at bank and in hand CREDITORS:amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS CHARITY FUNDS Restricted funds: Unrestricted funds 13 TOTAL FUNDS |
£ 19,857 200,416 220,273 (72,479) |
2021 £ 48,758 540,793 589,551 147,794 737,345 ______ 737,345 18,233 719,112 737,345 |
£ 126,226 161,381 287,607 (162,979) |
_ | 2020 £ 53,374 539,778 593,152 124,628 717,780 _ 717,780 19,202 698,578 717,780 |
||
|---|---|---|---|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.
The Trustees consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the charity to obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on 17[th] May 2022 and signed on their behalf, by:
G Russell
Geoff Russell (May 24, 2022, 10:30am) Mr G Russell, Chairman Mr J Best, Deputy Chairman James Best (May 24, 2022, 11:06am)
The notes on pages 9 to 21 form part of these financial statements
Page 8
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
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 (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The History of Advertising Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements have been prepared in sterling and rounded to the nearest £1.
Despite the pandemic, our core archive management income improved thanks to the acquisition of new clients, resulting in an enhanced cash position. With continued prudent management, the Trust will continue for at least 12 months from the date of signing these financial statements. As such, they have therefore been prepared on a going concern basis.
1.2 Company status
The charity is a company limited by guarantee and was incorporated in the United Kingdom. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered address of the charity is HAT House, 12 Raveningham Centre, Beccles Road, Raveningham, Norwich, Norfolk, NR14 6NU.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income received from charitable activities consists of archive management fees and archive research and other income. With archive management fees, clients will typically pay an annual fee for the charity to securely store their historic advertising material. Archive research and other income mainly includes amounts received from clients for restoring and digitising old advertising materials to ensure that they are not damaged over time.
Income received which is restricted to the purchase of fixed assets is shown as income in the accounts and the amount is transferred to unrestricted funds once the amount has been spent and capitalised and the restriction has been lifted. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.
For legacies, entitlement is taken at the earlier of the date on which either the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably.
Page 9
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by its natural classification.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures and fittings | - | 5 – 25 years straight line on cost |
|---|---|---|
| Office equipment | - | 5 years straight line on cost |
| Computer equipment | - | 4 – 5 years straight line on cost |
1.6 Heritage assets
The Trust's archive materials; which are assets of historical and artistic importance held to advance the Trust's educational objectives and, through public access, contribute to advertising sector education, are recognised as heritage assets, in accordance with FRS 30 (Heritage Assets) which requires such assets to be reported in the balance sheet where information is available on cost or value. Since 2001, additions to the Trust's archive have been capitalised at acquisition value and treated as non depreciable heritage assets in the balance sheet. A description of the collection, its management and developments in the year are given in Note 10.
1.7 Operating leases
Rentals under operating leases are charged to the Statement of Financial Activities incorporating Income and Expenditure Account on a straight line basis over the lease term.
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Cash at Bank and in hand
Cash at bank and 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.
1.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation.
Page 10
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1.11 Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
1.12 Pensions
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
1.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.14 Financial instruments
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 the transaction value and subsequently measured at their fair value as at the balance sheet date. All financial instruments of the charity are measured at cost.
Financial assets include trade debtors and the bank balance. Financial liabilities include trade creditors, accruals, deferred income, other creditors and other loans.
1.15 Significant critical estimates
No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies. The key assumptions concerning the future and key sources of estimation uncertainty at the key reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include the estimation of the useful economic life of fixed assets and the valuation of heritage assets donated to the charity, which is completed internally by a qualified Archivist with relevant experience in the industry.
Page 11
THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted funds 2021 £ Donations 39,913 Donated archive material 1,015 Friends donations 3,000 Royalties 2,967 _ Total donations and legacies 46,895 Total 2020 53,282 3. INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2021 £ Archive research and other income 83,082 Archive management fees 166,929 _ 250,011 Total 2020 208,402 4. INCOME FROM INVESTMENTS Unrestricted funds 2021 £ Interest receivable 23 Total 2020 144 |
Restricted income funds 2021 £ - - - - _ - - Restricted income funds 2021 £ 8,800 - _ 8,800 - Restricted income funds 2021 £ - - |
Total funds 2021 £ 39,913 1,015 3,000 2,967 _ 46,895 53,282 Total funds 2021 £ 91,882 166,929 _ 258,811 208,402 Total funds 2021 £ 23 144 |
Total funds 2020 £ 42,481 270 3,020 7,511 _ 53,282 Total funds 2020 £ 35,601 172,901 _ 208,402 Total funds 2020 £ 144 |
|||
|---|---|---|---|---|---|---|
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THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
5. OTHER INCOME
| Unrestricted funds 2021 £ CJRS income 39,394 Total 2020 42,138 |
Restricted income funds 2021 £ - - |
Total funds 2021 £ 39,394 42,138 |
Total funds 2020 £ 42,138 |
|---|---|---|---|
6. EXPENDITURE ON CHARITABLE ACTIVITIES
| Staff costs Social security Pensions Operating lease payments Rent Insurance Light and heat Archive supplies Repairs and maintenance Motor and travelling costs Other professional fees Communication and information technology Other office expenses Depreciation and impairment Governance – Accountancy and legal fees Bank charges |
Total 2021 £ 204,597 12,021 7,899 3,597 39,237 3,104 4,414 20,630 2,277 980 5,020 8,913 1,747 5,036 2,505 82 __ 322,059 |
Total 2020 £ 182,268 9,636 7,542 3,680 39,237 177 3,907 13,426 3,348 841 4,127 8,418 2,285 6,165 3,000 164 __ 288,221 |
|---|---|---|
Restricted expenditure in the year was £5,889 (2020 - £8,162), all other expenditure was unrestricted in both years.
7. NET INCOME FOR THE YEAR IS AFTER CHARGING:
| Depreciation of tangible fixed assets - owned by the charity Independent examination fee |
2021 £ 5,036 2,505 |
2020 £ 6,165 3,000 |
|---|---|---|
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THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
8. STAFF COSTS
The average number of persons employed by the charity during the year was as follows:
| Direct charitable work Administrative |
2021 No. 10 1 __ 11 |
2020 No. 10 1 __ 11 |
|---|---|---|
No employee received remuneration amounting to more than £60,000 in either year.
Staff costs were as follows:
| Wages and salaries Social security costs Pension Total |
2021 £ 204,597 12,021 7,899 __ 224,517 |
2020 £ 182,268 9,636 7,542 __ 199,446 |
|---|---|---|
The charity trustees were not paid or received any other benefits in the year (2020 - £Nil) neither were they reimbursed expenses during the year (2020 - £Nil).
The key management personnel of the charity comprise the trustees and the Director. The total employee benefits of the key management personnel of the Trust were £51,635 (2020 - £38,125).
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THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
9. TANGIBLE FIXED ASSETS
| Fixtures and Office Computer fittings equipment equipment £ £ £ Cost At 1 January 2021 118,466 8,147 47,893 Additions - - 420 _ _ _ At 31 December 2021 118,466 8,147 48,313 _ _ _ Depreciation At 1 January 2021 70,331 8,147 42,654 Charge for the year 2,970 - 2,066 _ _ _ At 31 December 2021 73,301 8,147 44,720 _ _ _ Net book value At 31 December 2021 45,165 - 3,593 At 31 December 2020 48,135 - 5,239 |
Total £ 174,506 420 _ 174,926 _ 121,132 5,036 _ 126,168 _ 48,758 53,374 |
|---|---|
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THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
10. CHARITY HERITAGE ASSETS
| Market value At 1 January 2021 Additions At 31 December 2021 At 31 December 2020 |
Total £ 539,778 1,015 __ 540,793 539,778 |
|---|---|
Valuation
On adoption of FRS 102 in the year ended 31 December 2016, the trustees took the decision to treat the market value of the heritage assets as deemed cost. The historical cost of the assets at 31 December 2020 the historical cost was £336,970, and at 31 December 2021 the historical cost was £336,970.
Acquisitions policy
Acquisitions are made in accordance with the collecting policy agreed by the Board of Trustees and may be by purchase or donation.
Collections management
The trust has a comprehensive series of policies covering all aspects of the collections and their management. They set the tone and framework for ensuring that the Trust acts legally and ethically whilst aspiring to the highest professional standards.
Access to collection
Access to the collections whether physically or virtually is one of the highest priorities for the Trust. The Trust is actively working towards greater access to its collections by providing opportunities to use, enjoy and learn from collections. All individuals can access the collection on an appointment basis, agreed in advance with the Trust.
ACQUISITIONS SUMMARY 2015 - 2021
| Purchases Donations |
2021 £ - 1,015 ______ 1,015 |
2020 £ - 270 _ 270 |
2019 £ 2,450 11,600 _ 14,050 |
2018 £ 2,750 2,176 _ 4,926 |
2017 £ - 826 ______ 826 |
2016 £ - 4,496 _ 4,496 |
2015 £ - 14,838 ______ 14,838 |
|
|---|---|---|---|---|---|---|---|---|
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THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
11. DEBTORS
| Trade debtors Other debtors Prepayments and accrued income CREDITORS: Amounts falling due within one year Other loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income DEFERRED INCOME Deferred income relates to archive management fees paid in advance: Deferred income brought forward Resources deferred during the year Amounts released from previous years |
2021 £ 17,267 49 2,541 _ 19,857 2021 £ - 2,057 45 15,000 55,377 _ 72,479 2021 £ 118,878 52,961 (118,878) __ 52,961 |
2020 £ 124,021 - 2,205 _ 126,226 2020 £ 2,861 3,951 19,289 15,000 121,878 _ 162,979 2020 £ 34,239 118,878 (34,239) __ 118,878 |
|---|---|---|
12. CREDITORS: Amounts falling due within one year
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THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
13. STATEMENT OF FUNDS
STATEMENT OF FUNDS – CURRENT YEAR
| Balance at 1 January 2021 £ Designated funds Archive and library 351,016 Revaluation reserve (archive and library) 188,762 _ 539,778 General funds 158,800 _ Total unrestricted funds 698,578 Restricted income funds Balance at 1 January 2021 £ Butlin’s Project 15,322 Heritage Project 3,880 __ Total restricted funds 19,202 Total of funds 717,780 |
Income Expenditure £ £ 1,015 - - - _ _ 1,015 - 335,308 (319,669) _ _ 336,323 (319,669) Income Expenditure £ £ 8,800 (5,889) - - _ _ 8,800 (5,889) 345,123 (325,558) |
Balance at 31 Transfers December in/out 2021 £ £ - 352,031 - 188,762 _ _ - 540,793 3,880 178,319 _ _ 3,880 719,112 Balance at 31 Transfers December in/out 2021 £ £ - 18,233 (3,880) - _ _ (3,880) 18,233 - 737,345 |
|---|---|---|
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THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
13. STATEMENT OF FUNDS (continued)
Designated Funds
Archive and library
The archive and library fund comprises the value of archive material donated to the charity and held in trust plus occasional small purchases for the library.
Revaluation reserve
The revaluation reserve represents the surplus arising from the revaluation of the charity's assets.
Restricted Funds
Butlin’s Project
This comprises of amounts paid by Butlin’s to manage, catalogue and activate the Butlin's Heritage Collection for the companies 80th anniversary. This has enabled the charity to employ extra staff to work on the project in which the funds Butlin’s are paying HATS are used.
Heritage Project
The Heritage grant was to purchase 500 Victorian and Edwardian Chromolithographic trade cards, to digitise them preserve them and to create an exhibition of the cards to be shown at universities, libraries and other venues. The transfer from restricted funds represents recognition of this past expenditure to release the amount to unrestricted funds.
STATEMENT OF FUNDS – PRIOR YEAR
| Balance at Balance at 1 January 2020 £ Designated funds Archive and library 350,746 Revaluation reserve (archive and library) 188,762 _ 539,508 General funds 136,357 _ Total unrestricted funds 675,865 |
Income Expenditure £ £ 270 - - - _ _ 270 - 303,696 (281,253) _ _ 303,966 (281,253) |
Balance at 31 Transfers December in/out 2020 £ £ - 351,016 - 188,762 _ _ - 539,778 - 158,800 _ _ - 698,578 |
|---|---|---|
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THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
13. STATEMENT OF FUNDS (continued)
Restricted income funds
| Balance at 1 January 2020 £ Butlin’s Project 23,484 Heritage Project 3,880 __ Total restricted funds 27,364 Total of funds 703,229 |
Income Expenditure £ £ - (8,162) - - _ _ - (8,162) 303,966 (289,415) |
Balance at 31 Transfers December in/out 2020 £ £ - 15,322 - 3,880 _ _ - 19,202 - 717,780 |
|---|---|---|
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2021 £ Tangible fixed assets 48,758 Heritage assets 540,793 Current assets 202,040 Creditors due within one year (72,479) _ 719,112 ANALYSIS OF NET ASSETS BETWEEN FUNDS – PRIOR YEAR Unrestricted funds 2020 £ Tangible fixed assets 53,374 Heritage assets 539,778 Current assets 268,405 Creditors due within one year (162,979) _ 698,578 |
Restricted income funds 2021 £ - - 18,233 - _ 18,233 Restricted income funds 2020 £ - - 19,202 - _ 19,202 |
Total funds 2021 £ 48,758 540,793 220,273 (72,479) _ 737,345 Total funds 2020 £ 53,374 539,778 287,607 (162,979) _ 717,780 |
|---|---|---|
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THE HISTORY OF ADVERTISING TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
15. PENSION COMMITMENTS
The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £7,899 (2020: £7,542). There were no contributions payable (2020: £Nil) to the fund at the balance sheet date.
16. OPERATING LEASE COMMITMENTS
At 31 December 2021 the total of the Charity’s future minimum lease payments under non-cancellable operating leases was:
| Amounts payable for land and buildings Within 1 year Between 1 and 5 years After more than 5 years Total Amounts payable for other lease commitments Within 1 year Between 1 and 5 years Total |
2021 £ 39,237 156,948 451,226 _ 647,411 3,488 872 _ 4,360 |
2020 £ 39,237 156,948 490,463 _ 686,648 3,488 4,360 _ 7,848 |
|---|---|---|
17. MEMBERS' LIABILITY
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £ 1 for the debts and liabilities contracted before he/she ceases to be a member.
18. RELATED PARTY TRANSACTIONS
Included within other creditors is a loan totalling £15,000 (2020: £15,000) from one of the trustees, Mr Geoffrey Russell. During the year, no repayments (2020: £NIL) were made.
No other related party transactions took place in the year ended 31 December 2021 (2020: None).
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