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2023-12-31-accounts

Registered number: 01354445 Charity number: 276194

THE HISTORY OF ADVERTISING TRUST (A Company Limited by Guarantee)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

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

1

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 2023

Trustees Mr T Knox, Chair Mr J Best, Deputy Chair (resigned 14 November 2023) Ms S Watson, Treasurer Mr G Hinton (resigned 16 May 2023) Mr S Goode (resigned 16 May 2023) Mr P Buchanan (resigned 16 May 2023) Mr R Earle Mr P Bainsfair Mr P Smith Mr S Woodford Mr J Tylee (resigned 16 May 2023) Ms R Arnold (resigned 14 November 2023) Ms S Chan Mr John Billett (resigned 17 January 2023) Mr Harjot Singh (appointed 14 May 2023) Ms Jo Arden (appointed 16 May 2023) Ms Sabina Usher (appointed 16 May 2023) Ms Kate Stanners (appointed 21 November 2023) President Keith Weed CBE (to 12 November 2023) Nishma Patel Robb (from 12 November 2023) 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 Mr A Moir, Deputy Director Independent examiners 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 (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of The History of Advertising Trust for the year 1 January 2023 to 31 December 2023. 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 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 many 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 through five industrial revolutions.

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 in 2023 was re-awarded Accredited Archive status following a rigorous renewal process conducted 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 out 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 (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

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 £320,231 (2022: £311,333) shows a small increase in income of £8,898 on the previous year. This improvement reflects the year’s breakeven budget and a period of consolidation following the pandemic.

At end of the year 31 December 2023, overheads continued to be under control, but the Trust made a small surplus of £3,824 ahead of a breakeven budget (2022: deficit £38,393). However, it felt able to offer and afford a modest pay rise of 5% due to strong cash reserves.

The former Chair’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.

In another challenging year, we developed new marketing materials to support our core strategy of promoting agency legacy and celebrating brand heritage, with the charitable outcomes of engaging with education and supporting dementia care. We were grateful to the Marketing Trust for their support in rolling out our reminiscence app, Ad-Memoire , to 100 NHS primary care trusts, free of charge.

Page 3

THE HISTORY OF ADVERTISING TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

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 (equal to 3 months’ worth of known outgoings).

Current total reserves of the charity are £695,889 (2022: £692,065) which includes restricted funds of £27,785 (2022: £26,841) and unrestricted funds of £668,104 (2022: £665,224). Included in unrestricted funds are heritage assets, which are treated as designated funds; these total £548,586 (2022: £542,341). Free reserves, ie. the general fund of £119,518 (2022: £122,883) less fixed assets of £45,137 (2022: £48,794), total £74,381 (2022: £74,089).

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.

The Chair and Trustees work in the industry, bringing experience and diversity to the Trust and continue to engage with key areas in the sector, fulfilling HAT’s charitable aims.

Business Group meetings take place half-yearly 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-Committee, comprising the Treasurer, Chair and Exec Director, meet monthly to review management accounts and monitor progress against budget and cash flow.

Page 4

THE HISTORY OF ADVERTISING TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Following the pandemic, HAT continues to operate a regime of hygiene and social distancing around the workplace and, as a result, staff, volunteers and visitors have enjoyed a safe working environment. We have incorporated many of the pandemic working practices, such as hybrid working, which have had a positive impact on work patterns, performance and morale.

C) Method of appointment or election of Trustees

Potential new Trustees are recommended to Board members and selected with a view to ensuring an appropriate mix of skills, expertise and diversity. 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.

It’s been a year of transition. Following the AGM, Keith Weed CBE retired as President and the Trustees would like to place on record their gratitude for his wise counsel and profile raising, especially through some challenging times. To conform with the Trust’s length of service criteria, we lost six longstanding Trustees and the Board would like to thank Graham Hinton, Simon Goode, Peter Buchanan, John Tylee, John Billett and Rosie Arnold for all their support, ideas and introductions. Whilst their energy and enthusiasm will be missed at Board level, they have all become Founding Patrons under the new Friends’ Scheme and we shall continue to benefit from their knowledge at six-monthly update meetings.

Nishma Patel Robb, formerly Senior Brand Director at Google, takes over as President and, through her similar role with WACL (Women in Advertising and Communication Leadership), brings strong brand marketing expertise to the charity. From leading agencies, new Trustees Harjot Singh, Jo Arden, Kate Stanners and Sabina Usher fulfil our ambition for a Board that is diverse and actively engaged across the world of advertising.

Future plans

The strategic plan has been reviewed and agreed as shown above and revenue streams have been re-prioritised to reflect the structure of a limited staff resource, so that we:

HAT continues to be 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 14[th] May 2024 and signed on their behalf by

Tom Knox (May 14, 2024, 4:47pm) Mr T Knox, 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 2023

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2023 which are set out on pages 7 to 21.

Responsibilities and basis of report

As the charity trustees of the company (and also 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 company 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 your company’s accounts as 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 company’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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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 order to enable a proper understanding of the accounts to be reached.

Aaron Widdows ACA FCCA

Price Bailey LLP

Chartered Accountants

Anglia House, 6 Central Avenue St Andrews Business Park Thorpe St Andrew Norwich NR7 0HR

Date: 15 May 2024

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 2023

Note
INCOME FROM:
Donations and legacies
2
Charitable activities
3
Investments
4
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Charitable activities
5
TOTAL EXPENDITURE
NET INCOME / (EXPENDITURE)
BEING NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
12		 Unrestricted
Funds
2023
£
60,342
228,421
1,964
290,727
3,323
284,524
287,847
2,880
665,224
668,104		 Restricted
Funds
2023
£
20,000
9,504
-
29,504
-
28,560
28,560
944
26,841
27,785		 Total Funds
2023
£
80,342
237,925
1,964
320,231
3,323
313,084
316,407
3,824
692,065
695,889		 Total Funds
2022
£
76,965
234,162
206
311,333
2,336
347,390
349,726
(38,393)
730,458
692,065

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive 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 2023

Note
FIXED ASSETS
Tangible assets
8
Heritage assets
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
11
NET CURRENT ASSETS
NET ASSETS
CHARITY FUNDS
Restricted funds
12
Unrestricted funds
12
TOTAL FUNDS
CREDITORS:amounts falling due
within one year		 63,381
157,954
221,335
(119,169)		 2023
£
45,137
548,586
593,723
102,166
695,889
27,785
668,104
695,889		 2022
£
48,794
542,341
591,135
51,229
132,124
183,353
(82,423)
100,930
692,065
26,841
665,224
692,065

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small company’s regime.

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.

Approved by the trustees on 14 May 2024 and signed and authorised for issue on their behalf by:

Mr T Knox Tom Knox (May 14, 2024, 4:47pm) Chair

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 2023

1 ACCOUNTING POLICIES

General information

The charity is a private 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. The registered company number is 01354445 and the registered charity number is 276194.

1.1 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 (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.

1.2 Going concern

Core revenue has proved resilient post-pandemic and, with inflation-proofed archive fees, continued prudent management, robust overhead control, strong cash position and new business initiatives due to come to fruition, 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.

1.3 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.

Page 9

THE HISTORY OF ADVERTISING TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

1 Accounting policies (continued)

1.3 Income

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.

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 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 9.

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.

Page 10

THE HISTORY OF ADVERTISING TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

1 Accounting policies (continued)

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.

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.

Page 11

THE HISTORY OF ADVERTISING TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

1 Accounting policies (continued)

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 and other creditors.

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 12

THE HISTORY OF ADVERTISING TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

2 INCOME FROM DONATIONS AND LEGACIES

Unrestricted
2023
£
Donations
42,788
Donated archive material
6,245
Friends donations
3,000
Friendship scheme
5,635
Royalties
2,674
Grants
-
Total
60,342
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Funds
2023
£
44,930
183,491
228,421
Total 2022
225,362
Archive management fee
Archive research and other income		 Restricted
2023
£
-
-
-
-
-
20,000
20,000
Restricted
Funds
2023
£
9,504
-
9,504
8,800		 Total
Unrestricted
2023
2022
£
£
42,788
66,278
6,245
1,548
3,000
3,000
5,635
-
2,674
2,639
20,000
3,500
80,342
76,965
Total
Total
Funds
Funds
2023
2022
£
£
54,434
56,812
183,491
177,350
237,925
234,162
234,162

3 INCOME FROM CHARITABLE ACTIVITIES

4 INVESTMENT INCOME

Interest receivable Unrestricted
Unrestricted
2023
2022
£
£
1,964
206
1,964
206

Page 13

THE HISTORY OF ADVERTISING TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

5 EXPENDITURE ON CHARITABLE ACTIVITIES

Wages and salaries
National insurance
Pension cost
Operating lease payments
Rent
Insurance
Light and heat
Archive supplies
Repairs and maintenance
Motor and travelling costs
Hospitality
Other professional fees
Communication and information technology
Other office expenses
Depreciation and impairment
Governance - Accountancy and legal fees
Bank charges
Exhibition costs
PR
Bad debts
Courses, seminars and training		 Total
Funds
2023
£
195,023
9,877
7,428
3,568
39,237
3,119
4,955
12,743
4,117
2,932
1,453
3,880
9,377
2,397
4,633
3,400
174
-
4,041
700
30
313,084		 Total
Funds
2022
£
214,039
11,360
8,012
5,383
39,237
3,034
5,415
12,064
5,112
3,280
-
4,150
9,961
1,492
5,194
7,027
183
2,546
5,212
4,500
189
347,390

Restricted expenditure in the year was £28,560 (2022 - £192), all other expenditure was unrestricted in both years.

6 NET INCOME/(EXPENDITURE)

This is stated after charging:

Depreciation of tangible fixed assets owned by the charity 2023
2022
£
£
4,633
5,194
Accounts preparation fee 1,025
995
Independent examination fee 2,375
2,370
Operating lease rentals 3,568
5,383

Page 14

THE HISTORY OF ADVERTISING TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

7 STAFF COSTS

Staff costs were as follows:

Wages and salaries
Social security costs
Other pension costs
Total		 2023
£
195,023
9,877
7,428
212,328		 2022
£
214,039
11,360
8,012
233,411

The average number of persons employed by the charity during the year was as follows:

Direct charitable work
Administrative		 2023
No
10
1
11		 2022
No
11
1
12

No employee received remuneration amounting to more than £60,000 in either year.

The charity trustees were not paid or received any other benefits in the year (2022 - £Nil) neither were they reimbursed expenses during the year (2022 - Nil)

The key management personnel of the charity comprise the trustees, the Director and Deputy Director (2022 - trustees, Director and Deputy Director. The total employee benefits of the key management personnel of the Trust were £84,753 (2022 - £82,004).

Page 15

THE HISTORY OF ADVERTISING TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

8 TANGIBLE FIXED ASSETS

Cost
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
9
CHARITY HERITAGE ASSETS
Market value
At 1 January 2023
Additions
At 31 December 2023
At 31 December 2022		 Fixtures and
Fittings
£
118,259
151
118,410
75,904
2,652
78,556
39,854
42,355		 Computer
Equipment
£
53,543
825
54,368
47,104
1,981
49,085
5,283
6,439		 Total
£
171,802
976
172,778
123,008
4,633
127,641
45,137
48,794
Total
£
542,341
6,245
548,586
542,341

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 2022 was £336,970, and at 31 December 2023 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.

Page 16

THE HISTORY OF ADVERTISING TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

9 CHARITY HERITAGE ASSETS (CONTINUED)

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 2019 - 2023

Purchases
Donations
Total		 2023
2022
2021
2020
2019
£
£
£
£
£
-
-
-
2,450
2,750
6,245
1,548
1,015
11,600
2,176
6,245
1,548
1,015
14,050
4,926
10
DEBTORS
Trade debtors
Prepayments and accrued income
11
CREDITORS: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2023
£
60,177
3,204
63,381
2023
£
3,401
8,197
15,000
92,571
119,169		 2022
£
46,258
4,971
51,229
2022
£
3,730
4,516
15,000
59,177
82,423

Page 17

THE HISTORY OF ADVERTISING TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

11 CREDITORS: Amounts falling due within one year (continued)

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		 2023
£
55,812
89,170
(55,812)
89,170		 2022
£
59,848
55,812
(59,848)
55,812

12 STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at 1
January
2023
£
Designated funds
Archive and library
353,579
Revaluation reserve (archive and library)
188,762
542,341
General funds
General funds
122,883
Total unrestricted funds
665,224
Restricted income funds
Butlin's Project
26,841
Marketing Trust
-
Total restricted funds
26,841
Total of funds
692,065		 Income
£
6,245
-
6,245
284,482
290,727
9,504
20,000
29,504
320,231		 Balance at
31 December
Expenditure
2023
£
£
-
359,824
-
188,762
-
548,586
(287,847)
119,518
(287,847)
668,104
(8,560)
27,785
(20,000)
-
(28,560)
27,785
(316,407)
695,889

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.

Page 18

THE HISTORY OF ADVERTISING TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

12 STATEMENT OF FUNDS (continued)

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.

Marketing trust

A grant specifically towards support with the Ad-Memoire Dementia Care Trials project. The project is in relation to rolling out the reminiscence app, Ad-Memoire to 100 NHS primary care trusts.

STATEMENT OF FUNDS - PRIOR YEAR

Balance at 1
January
2022
£
Designated funds
Archive and library
352,031
188,762
540,793
General funds
General funds
171,432
Total unrestricted funds
712,225
Restricted income funds
Butlin's Project
18,233
Total of funds
730,458
Revaluation reserve (archive
and library)		 Income
£
1,548
-
1,548
300,985
302,533
8,800
311,333		 Expenditure
£
-
-
-
(349,534)
(349,534)
(192)
(349,726)		 Balance at
31 December
2022
£
353,579
188,762
542,341
122,883
665,224
26,841
692,065

13 ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2023
£
Tangible fixed assets
45,137
Heritage assets
548,586
Current assets
193,550
Creditors due within one year
(119,169)
668,104		 Restricted
funds
2023
£
-
-
27,785
-
27,785		 Total
funds
2023
£
45,137
548,586
221,335
(119,169)
695,889

Page 19

THE HISTORY OF ADVERTISING TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

13 ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Unrestricted
funds
2022
£
Tangible fixed assets
48,794
Heritage assets
542,341
Current assets
156,512
Creditors due within one year
(82,423)
665,224		 Restricted
funds
2022
£
-
-
26,841
-
26,841		 Total
funds
2022
£
48,794
542,341
183,353
(82,423)
692,065

14 PENSION COMMITMENTS

The Charity operates a defined contribution 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 £7,428 (2022: £8,012). There were no contributions payable (2022: £Nil) to the fund at the balance sheet date.

15 OPERATING LEASE COMMITMENTS

At 31 December 2023 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		 2023
£
39,237
156,948
372,752
568,937
3,488
11,336
14,824		 2022
£
39,237
156,948
411,989
608,174
3,488
14,824
18,312

Page 20

THE HISTORY OF ADVERTISING TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (continued)

16 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.

17 RELATED PARTY TRANSACTIONS

Included within other creditors is a loan totalling £15,000 (2022: £15,000) from one of the trustees, Mr Geoffrey Russell. During the year, no repayments (2022: £Nil) were made.

No other related party transactions took place in the year ended 31 December 2023 (2022: None).

Page 21