THE NATIONAL LIFE STORY COLLECTION COMPANY NUMBER 02172518 REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Charity Number 327571
THE NATIONAL LIFE STORY COLLECTION REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Contents Page Company infomiation Report of Directors and Trustees Auditors, report 9-12 Statement of financial adivities 13 Balance sheet 14 Statement of cash fl¢JWS 15 Notes to the accounts 16-23 Income & Expenditure Accounts 24
THE NATIONAL LIFE STORY COLLECTION REPORT AND ACCOUNTS COMPANY INFORMATION at 31 December 2024 PER COMPANIES HOUSE DIRECTORS AND TRUSTEES Dame Jenny Abramsky (Chair) Prof Jon Agar Professor Fareda Banda Bob Boas Professor Nelarine Cornelius Dr Andrew Flinn Amanda Game Bill Knight OBE Dr Robert Perks MBE Dr Jo Reilly Mary Stewart Prof Paul Thompson Dr Janet Topp Fargion Dame Jennifer Gita Abramsky Prof Jonathan Edward Agar Professor Fareda Banda Mr John Robert Sotheby Boas Professor Nelarine Cornelius Dr Andrew Flinn Mrs Julia Amanda Raven Mr William John Knight Dr Robert Brian Perks Dr Joanne Reilly Ms Mary Stewart Prof Paul Richard Thompson Dr Janet constan Topp Fargion SECRETARY Mary Stewart TREASURER Bob Boas FINANCE COMMIThEE Dame Jenny Abramsky Bob Boas (Chair) Professor Nelarine Comelius Bill Knight Pauline Morrison (NLS Bookkeeper. ex officio) lan Prideaux Mary Stewart (Director) Dr Madeline White (NLS Deputy Director, ex officio) COMPANY NUMBER 02172518 (England and Wales) CHARITY NUMBER 327571 REGISTERED OFFICE British Library 96 Euston Road London NW12DB BANKERS Lloyds TSB Bank plc 70-71 Cheapside London EC2V 6EN AUDITORS Parker Cavendish Sutte 301 Stanmore Business and Innovation Centre Stanmore Middlesex HA71FW
THE NATIONAL LIFE STORY COLLECTION (REGISTERED NUMBER 02172518) REPORT OF DIRECTORS AND TRUSTEES The Trustees who are also directors of the charty present their report together wf(h the audited financial statements for the year ended 31 December 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The Twstees have adopted the provisions of '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). STRUCTURE, GOVERNANCE AND MANAGEMENT Governin Document The National Life Story Collection is a registered charity and a company limited by guarantee. Each of the members of the charity has undertaken to contribute an amount not exceeding £5 to the assets of the charity in the event of it being wound up while they are members, or wtthin one year after they cease to be a member. The charity is governed by its Memorandum and Articles of Association. Trustees The Trustees, each of whom is a director of the charity. are listed below: Dame Jenny Abramsky (Chair) Professor Jon Agar Professor Fareda Banda Bob Boas Professor Nelarine Comelius Dr Andrew Flinn Amanda Game Bill Knight OBE Dr Robert Perks MBE Dr Jo Reilly Ms Mary Stewart Professor Paul Thompson Dr Janet Topp Fargion Appointment of Trustees is govemed by the articles of association of the charity. The Trustees are authorised to appoint new Trustees to fill vacancies arising until the next following annual general meeting when the new Trustees are eligible for election. The following Trustees retired by rotation and We re*lected at the AGM on 6 June 2024.. Fareda Banda. Nelarine Cornelius. Bill Knight and Mary Stewart The following resigned as a Tnistee at the AGM on 6 June 2024." Jennrfer Wingate
THE NATIONAL UFE STORY COLLECTION REPORT OF DIRECTORS AND TRUSTEES (continued) Record of Trustee attendance at meetings during 2024 (comprising fNe full twstee meetings - the AGM and three Board meetings in April, July, September and December - plus four Finance Committee meetings in April, July, September and in November, where applicabte). Dame Jenny Abramsky (Chair) Professor Jon Agar Professor Fareda Banda Bob Boas (Treasurer) Professor Nelarine Cornelius Dr Andrew Flinn Amanda Game Bill Knight OBE Dr Robert Perks MBE Dr Jo Reilly Ms Mary Stewart Professor Paul Thompson Dr Janet Topp Fargion Jennifer Wingate 8of9 4of5 4of5 7of9 8of9 3of5 4of5 8of9 4of5 1of5 9of9 1of5 2of5 2of2 Trustee Induction and Trainin All new Trustees are given a formal induction to help familiarise them with the practical work of the charity. They receive an induction pack containing the corporate governan document, a trustee role description, and copies of relevant minLrtes, policies and organisational information. They meet representatives of the Board to discuss and clarify their role. Risk Mana ement The Trustees actively review the major risks which the charf(y faces on a gUlar basis and believe that maintaining reserves at current levels. combined with a review of controls over key financial areas, will provide sufficient reSoUrS in the event of adverse conditions. The Trustees also examine other operational and business risks faced by the charity and have established systems to mitigate the signrficant risks. A risk register is maintained and reviewed annually. anisational Structure and Related Parties The charity operates from the offices of the Brttish Library (BL) and there is close co-operation between the o organisations, governed by a collaborative agreement which VRS reviewed and renewed in October 2022 for a further three years. The Oral History Section. of which NLS is part, is within the Sound and Vision department in the BL'S Collections Directorate. The Trustees are set to meet five times a year: four main meetings {of which one is a strategy meeting) and the AGM. The Director manages the work of the charity on a day-to-day basis supported by the core team of an Oral History Curator, an Archivist, and three part-time roles.. Assistant Archivist. Training Co-ordinator and Bookkeeper. Dr Madeline White. the Oral History Curator also holds the role of Deputy Director and Chadie Morgan. Oral History Archivist, is also NLS Archivist. The two Proje Directors manage key restricted projects within the charrty and - with the Director and Deputy Director- meet at least quarterly to discuss strategy and fundraising. A number of other staff, freelance staff, and individuals on unpaid placements also assist in the work of the chanty. In 2003, the Trustees adopted a Corporate Govemance Document which regularised the business of the Charity and established an Audit Committee and a Rernuneration Committee. In 2006 the charity adopted a trading name 'National Lrfe Stories,. In 2009 the Trustees established a Finance Sub-committee, chaired by the Treasurer, which meets four times a year and also acts as the Audit and Remuneration Committee. In 2024 the Committee met four times. At the 2017 AGM Trustees decided to merge the Executive Committee and the Board of Trustees. At the 2017 AGM it was also agreed that Trustees appointed from 2017 should serve for a fixed tem of three years, renewable up to a maximum tem of nine years. The tem of service could be further extended if there was a particular business case to do so.
THE NATIONAL LIFE STORY COLLECTION REPORT OF DIRECTORS AND TRUSTEES (continued) In 2024 the Trustees evaluated all aspects of Corporate Govemance as part of a periodic review, including individual interviews with the Chair and Director and the completion of a skills audit. Following this review an updated Corporate Govemance Document was adopted at the AGM in June 2024. Changes included minor revisions to the duration of office for TruStS. thoughts on the role of Advisory Committees and ideas for new subcommittees to focus on advocacy and corporate history commissions. Founding Trustee Jennifer Wingate retired as a Trustee in 2024 her contribution to the charity is immeasurable. Jennifer will remain as an NLS Advisor. Advisor Dorothy Sheridan slepped down from this role at the AGM- her enthusiasm and wisdom will be much missed. NLS'S standard practice is to prepare a three-year business plan each autumn, which is updated and reviewed annually, dovetailed to BL strategic plans and the NLS strategic plan. Due to the ongoing disruption caused by the cyber-attack in the British Library in October 2023, NLS proceeded with a one-year budget forecast for 2025, following the same fomiat as completed for 2024. In March 2021 the Trustees agreed a new five-year NLS strategic plan (2021-2026), which the Director has brought for discussion and scrutiny at Board meetings and at the AGM 2024. Work will start in autumn 2025 to draft a new strategic plan for the period 2026-2031. OBJECTIVES AND ACTIVITIES The object of the chartty as stated in its constitution is to advance the education of the public by the establishment of a national biography in sound consisting of a national collection of autobiographical and other life story records. The charity relies on the fundraising efforts of its Trustees. staff and advisory committee members, and on the supportofthe British Library, to obtain the resourcesto cary out the oral history fieldwork programmes that comprise its core activty. It works collaboratively with the British Library to ensure the collected materials are professionally recorded, documented, catalogued, archived and made accessible to as wide an audience as possible, both onsite and remotely via the intemet. It also works in partnership with a variety of public and private organisations to document the lrfe stories of a wide cross-section of people living in the UK. ACHIEVEMENTS AND PERFORMANCE IN 2024 Throughout 2024 the Board continued to assess NLS activty and plans against the 2021-2026 strategic plan, which stressed the need for a variety of funding models for NLS projects and partnerships and added a refocused NLS communication strategy. NLS continues its efforts to capture a diverse cohort of interviewees in every project we undertake, and NLS added further interviews to bring new voices to older collections including with another of the co-founder5 of UK Black History Month (complementing an interview with a co- founder recorded in 2023) and the pioneering publisher Arif Ali. Julia Volkmar successfully completed her collaborative PhD in April 2024 and NLS continues to support collaborative doctoral award students, with funds for a third to start in autumn 2025 for which supervision will be shared with Library colleagues. The NLS Trustees approved a Personal Safety ProUre for NLS work conducted outside the home or the British Library. The NLS team continue to present their research and analysis in an array of academic and community settings. In June 2024 NLS funded the design and publication of an open access online special edition of the leading peer-reviewed journal Oral History - featuring papers and discussion5 from the 2023 NLS international symposium at the British Library. In partnership with the Oral History Siety, NLS hosted a dynamic and well- attended one-day Oral History Festival on 6 July 2024 at the British Library, bringing together oral historians from the UK and internationally. In Autumn 2024 Archivist Charlie Morgan started 8 4-month research Fellowship- funded by the British Library's Coleridge scheme- researching oral history and public inquiries. Julie Melady ably covered this period as Acting Archivist. The Coleridge scheme provides back-fill funding, and NLS will used the sum accrued for the 4 months of the Archivist salary to fund additional cataloguing work once access to the Sound and Moving Image catslogue is restored (expected summer 2025).
THE NATIONAL LIFE STORY COLLECTION REPORT OF DIRECTORS AND TRUSTEES (continued) NLS has several leads for commissions to run institutional history projects, continuing to draw on the expertise of the Trustees and Advisors on the Working Group on Corporate Histories, and relevant Project Advisory Committees. The contract with the RENEW programme (Renewing biodiverstty through a people-in-nature approach) was extended until summer 2025 bringing in new interviews on biodiversity and collaborative practice. and funding innovative 'impact' work to bring the recordings to new audiences. RENEW is a University of Exeter project funded by the Natural Environment Research Council (NERC grant number NEIW004941111 and the impact work is funded by an AHRC Impact Accelerator grant. NLS'S tsvo flagship programmes Artists, Lives and Architects, Lives continue to make important and in4epth recordings. Generous funding from the Jerwood Foundation has enabled recordings for Artists, Lwes (3 interviews) and Crafts Lives {5 interviews over 2 years). Interviews continue for An OTr1 History of the Royaj Academy of Music, Histonc Houses, Argent.. An Oral History and with theatre photographers. In our role as the national Cent for oral history, the CO NLS team has continued to be at the heart of fomulating and disseminating best-practice advice for oral history. The charity continues to work with the Oral History Society to organise and administer a programme of oral history training courses, delivered both in- person and by way of remote delivery via video conferencing. The training programme has thrived and by the end of 2024 40 scheduled course5 were held training over 410 people, and 86 tailored courses for individual projects training over 695 attendees. NLS continues its partnership role in a number of high-profile research projects. We received the interviews for the Lawyers in the Miners, Strike 1984-1985 by Dr Joanna Gilmore at York University and 'Positively Spoken.. Growing Up with HIV run by Chiva (the UK Charity that enhances the health and psychosocial wellbeing of children, young people and young adults living with HIV). We continue to work with the Law Centres project led by Linda Mulcahy at the Centre for Socio-Legal Studies at Oxford University's Law Faculty. An Oral History of the Environmental Movement in the UK with colleagues at Royal Holloway will capture 100 interviews with environmental activists. We will archive the interviews from Histories of Sexual Health in Britain, 1918-1980 led by DrAnne Hanley at the Universityof Bimingham, and An Oral History ofBn"tish Nuclear Test Veterans continued at the University of South Wales and the UnNersity of Liverpcol funded by the Office for Veterans, Affairs. Further NLS research partnerships include.. a project run by Rape Crisis England and Wales reflecting on 50 years of its history, funded by NLHF and run in partnership with the Centre for Socio-Legal Studies at Oxford University., Why Me? an NLHF-funded project charting the history of this pioneering restorative justice charity., and From institution to independent living - 50 years of supporting people with leaming disabilities in England, an NLHF-funded project by charity Untted Response. NLS is supporting 'Remaking Britain.. Br((ish Asians Speak,: the oral history component of Remaking Bn"tain." South Asian Connections and Networks, 1830s to the PTrsent. a joint project between Queen Mary University of London, the University of Bristol and the British Library. NLS will add 25 new interviews recently recorded by the British Council to the existing collection archived at the Library. NLS will archive the oral history interviews produced by Race and Sexual and Reproductwe Health Chanlies in Poslwar Britain, 1960s-2020s- a research project funded by the Swiss National Science Foundation at the Graduate Instttute of Intemational and Development Studies in Geneva, Switzerland - and those from Ooave." The servi Speaks, an AHRC-funded project run by the Univer51ty of Derby which seeks to produce a narrative history of the policing of the Orgreave miners, strike, forty years after the event. The NLS team is also archiving the material from projects on Home Education, from the Jewish Historical Society of England, UK Science and Communication in the late 20th century, the history of Augmentstive and Altemative Communication, experiences of climbing, the history of Wasafiri literary magazine and a Leverhulme-funded project researching White Diasporic Families and the Caribbean, 1930s-1980s. NLS is the named archival partner on a number of submitted applications awaiting decision by funding bodies and research councils.
THE NATIONAL LIFE STORY COLLECTION REPORT OF DIRECTORS AND TRUSTEES (continued) In late October 2023 the British Library eXperiend a cyber-attack. resuIng in a major technology outage. The ongoing disruption to the Libra$ vEbsite, online systems and services continued throughout 2024 and will stretch into 2025 and beyond. There is no evidence to suggest any NLS data or the archived oral histories in the BL'S care has been affected. At the time of vffiting this report {March 2025) access to some data on network drives has been restored and the Library has planned a gradual roll-out to staff for further a¢$S to network drives. The Sound and Moving Image catalogue will be re-launched for staff and public access in spring 2025, although there is still no date for staff access to digrtal collection items held in BL digital repositories. The relaunch of the British Library's website will take place in summer 2025 after which there will be prioritisation exercise to detemiinethe programmeforthe retum of educational web resources- 10 ofwhich are funded by NLS. The NLS interviewing programme and all training courses have continued relatively unimpeded, and the NLS Archivist and Archive Assistant have maintained an altemative temporary back up system for the audio files. Cataloguing work has continued, where possible. using MS Excel. The loss of public access to collection material. catalogue metadata and online digital leaming resources is a blow to NLS'S reputation. The Director and Trustees will continue to monitorthe impact on funders, trust in the Library and any tangible blocks to new funding streams. The resilience. quick thinking and gocmj cheer of the NLS team cannot be overstated, and the support of the NLS Trustees has been invaluable. PUBLIC BENEFIT We have referred to the guidan contained in the Charty Commission's general guidance on public benefrt when reviewing our aims and objectives and in planning our future activtties. In particular, the Trustees consider how planned activtties will contribute to the aims and objectives they have set. The Trustees confim that they have complied wrth the Charities Act 2011. The charity works with a variety of partners. organisations. individuals and users to create a unique national collection of life stories accessible to all via the British Library. It delivers setvices ranging from infomation about oral history and life story methodology to archival advice. As the leading charity of its kind in Ihe UK it acts as a centre of excellence, offering best-practice advice on a daily basis to many organisations, individuals, charities, groups, funders and policy-makers. FINANCIAL REVIEW The Statement of Financial Activities shows total income for the year of £299,026 and total expenditure of £318,793. This expenditure total includes restricted income raised in previous years and now spent on project activity. Donations for specific projects are shown as income in the year of receipt whereas the related expenditure is shown when incurred which is often in a subsequent year. As regards activities not related to specific projects, unrestricted expenditure exceeded unrestricted income by £8,302 after taking into account net gains on investments of £4,004. Unrestricted funds at 31 December 2024 amounted to £640,845 (£649,147 at 31 December 2023). The reserves at the yearend amounted to £930.474. Of this total, £289,629 is restricted to expenditure committed to ongoing projects, and a further £200,000 is the Founders Donation. Princi al Fundin Sources Significant donations for the Artists, LNes programme included; £10,000 from the Yale Center for British Art, £7,120 from The Gabo Trust, £15,000 from the JeMo(yJ Foundation. and the remaining £1,800 from the 2021 grant from the Henry Moore Foundation. Tom and Ellen Bauch donated funds for a specific interview and Jim Moyes made a generous donation. Ahrfects, LNes received funds from Bill Thomas, Levitt Berstein and from the Marchus Trusttofund interviews and wewere delighted to relve£9,997frorn Lloyd's Register Foundation to enable two recordings relating to maritime and port architecture. Argent." An Oral History has been funded through the generosity of partners at the firm. a total of £17.706 in 2024. NLS received £9.000 from the Jerwood Foundation for Crafts Lives - the first of instalments, and a grant of £4.868 from the Textile History Society for an interview with an influential fabric designer.
THE NATIONAL UFE STORY COLLECTION REPORT OF DIRECTORS AND TRUSTEES (continued) The generosity of Judith Goodison and the wider Goodison family donated the remaining £10,000 required to support a future Crafts Lives web resource in memory of the late NLS Chair Sir Nicholas Goodison. We welcomed £82,710 from the University of Exeter to fund NLS'S contribution to the RENEW programme, and £12.572 from Historic Houses as the final instslment for their project. Our Patrons scheme is raising regular income through both annual and monthly donations. We thank our Patrons Sir John Baker, Peter Blackburn, Lesley Knox and Bill Knight. Where possible NLS claimed Gift Aid on donations. Investment Polic Having considered the options available, the Twstees continued to hold the charity's funds in a mixture of Investment Funds and bank deposit accounts. NLS investment analysis and decision-making incorporates a review of each fund's performance in environmental, sustainability and govemance factors, benchmarking these using recognised international indexes on at least an annual basis. Reserves Polic The charily maintains two funds. Restricted funds are to be used for the purpose specified by the donor. Unrestricted funds are intended to provide sufficient resources to maintain the general activities of the charity. The Founderfs Donation is the establishing donation given to NLS to contribute to the support of general activities. The Trustees carry out an annual reifjew of the charity's reserves. PLANS FOR FUTURE PERIODS Plans for work involving dissemination and access wll need to adapt to the pace of storatIon of BL digital and online services following the cyber-attack on the Brttish Library in October 2023. There will also be a period of consolidation with extra archive and cataloguing support to clear backlogs for cataloguing and long-term stopge due to the IT cyber-attack. We continue with the flagship Artists, Lives and Architects, LNes programmes and conclude newer commissions such as An Oral History of the Royal Academy of Music, Argent.. An Oral History and Historic Houses. A PhD placement will start to analyse and map the Ahitects, Lives collection. The RENEW programme with the University of Exeter will continue until summer 2025 and NLS seeks to further develop this area by pursuing funding for projects on data science and the environment. Sufficient funds have been found to establish a Crafts Lives web resource in memory of Sir Nicholas Goodison - but plans will need to wait until the resumption of Brttish Library website services following the cyber-attack. We remain committed to fundraising to take forward City Lwes Revisited. We will continue to develop our ideas around an initiative documenting British design and also on UNESCO Worfd Sites of Industrial Heritage in the UK. NLS continues to work with freelance interviewers to complete the remaining intetviews for Autho, Lives and we plan to work up funding proposals secure further funds for this project from 2026 onwards. In 2025 the team will strengthen NLS'S research profile wtih conference papers from team members presented both nationally and intemationally. The UK Holocaust Testimony Portal, featuring metadata for over 450 interviews in the Library's collection, will launch in January 2025. In late 2025 NLS will celebrate the end ofthe Royal Academy of Music project, with an event planned at the Academy. In autumn 2025 the NLS team will support two major events at the Library by project partners, the first in a project recognising the contribution of nuclear test veterans and the second the oral history of the enwronmental movement. The NLS presented to the British Library Board in eady 2025. and a S-year renewal of the NLS-BL Agreement will be signed in October 2025. The two new subcommittees (Advocacy and Corporate Histories) proposed in the Corporate Govemance Review will convene in early 2025.
THE NATIONAL LIFE STORY COLLECTION REPORT OF DIRECTORS AND TRUSTEES {continued) STATEMENT OF TRUSTEES, RESPONSIBIUTIES The Trustees {who are also the directors of The National Lrfe Story Collection for the purposes of company lawl are responsible for preparing the report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those finanGial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently.. - observe the methods and principle5 in the Charity SORP: make judgements and estimates that are reasonable and prudent., prepare thefinancial statements on thegoing concem basis unless tt is inappropriate to presume that the charrty will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ofthe charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the Trustees are aware, there is no relevant infonnation (as defined by Section 418 of the Companies Act 20061 of which the charity's auditors are unaware. and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitls audrtors are awa of that information. The Trustees consider that the Charty has sufficient reserves to continue its activities for the foreseeable future and, accordingly, the financial statements are prepared on a going concern basis. AUDITORS The auditors, Parker Cavendish, will be proposed for re-appointment at the Annual General Meeting. Approved by the Board of Trustees on 3 June 2025 and signed on its behalf. Dame Jenny Abramsky Chair of Trustees
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE NATIONAL LIFE STORY COLLECTION Opinion We have audited the financial statements of The National Lrfe Story Collection (the 'charitable company,) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements= give a true and fair view of the state of the charitable companrfs affairs as at 31 December 2024 and of its incoming resources and application of resour$, including its result, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance wtth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report_ We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit ofthe financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilrties in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concem In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going COnrTr for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilrties of the Trustees with respect to going concern are described in the relevant sections of this report. Other infonnation The Trustees are responsible for the other information. The other infomiation comprises Ihe information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not Cover the other infomiation and, except to the extent otherwise explicitly stated in our report. we do not express any fomi of assurance conclusion thereon. In connection with our audrt of the financial statements, our responsibilty is to read the other infonnation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or ourknowledge obtained in theaudtt orotherwiseappearsto be materially misstated. Ifwe identify such material inconsistencies or apparent material misstatements. we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE NATIONAL UFE STORY COLLECTION Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding ofthe charitable company and its environment obtsined in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not bn receÉved from branches not visrted by us- or the financial statements are not in agreement with the accounting records and returns- or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit- or the Truslees were not enlitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of Trustees As explained more fully in the Statement of Trustees, Responsibilities, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for SLJch intemal control as the Trustees determine is necessary to enable the preparation of financtal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statement5, the Trustees are responsible for assessing the charitable companWs ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with la and regulations, was as follows.. 10
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE NATIONAL LIFE STORY COLLECTION identrfication of laws and regulations applicable to the company which may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities Act 2011, taxation legislation. data protection, anti-bribery. employment and health & safety legislation., assessing the extent of Complian with the laws and regulations identtfied above through making enquiries of management, inspecting relevant correspondence and reviewing minutes of meetings of those charged with governance., - discussions with the management on consideration of known or suspected instances of non-compliance with laws and regulations and fraud- evaluation of internal controls designed to prevent and detect irregularities., performing analytical procedures to identfy any unusual or unexpected relationships., - testing journal entries to identify unusual transactions., assessing whether there was evidence of bias by the management in relation to accounting estimates.. investigating the rationale behind signiFicant or unusual transactions; agreeing financial statement disclosures to under]ying supporting documentation- and enquiring of management as to actual and potential Ittigation and claims. There are inherent limitations in our audrt procedures described above. The more removed that laws and regulations are from financial transactions, the less likely li is that we would become aware of non-compliance. Auditing standards also limitthe audit procedures required to identfy non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Audttors.
REPORT OF THE INDEPENDENT AUDITORS TOTHE MEMBERS OF THE NATIONAL LIFE STORY COLLECTION Use of our report This report is made solely to the charitable CoMpanS members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other PUTpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable companys members as a body, for our audit work. for this report. or for the opinions we have fomed. Raymond Rubenstein Iseniofstatutory Auditor) for and on behalf of Part(er Cavendish Chartered Accountants Registered Auditors Suite 301 Stanmore Business and Innovation Centre Stanmore Middlesex HA71FW Date.'3 June 2025 12
THE NATIONAL LIFE STORY COLLECTION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2024 Notes Restricted Unrestricted Fund Fund Total 2024 2023 INCOME: Donations and legacies Investment income Training income Festival income Sundry income 198.507 3.513 8,270 32,803 45,311 5,681 4,941 206,777 36,316 45,311 5,681 4,941 204,294 32,521 47,441 4.390 TOTAL INCOME 202.020 97,006 299,026 288,646 EXPENDITURE Direct training expenses 36,651 36,651 t 33,856 Charitable activities 209,481 72,661 282,142 313,519 TOTAL EXPENDITURE 209.481 109,312 318,793 347,375 Total income less total expenditure (7,461) (12,306) (19,767) (58,729) Net gainsl(losses) on investments 789 4004 4,793 (20,594) NET EXPENDITURE and net movement in funds for the year (6.672) (8,302) (14,9741 (79,323) Reconciliation of Funds.. Total funds brought forward 296.301 649,147 945.448 1,024,771 Total funds carried forward 10 289,629 640.845 930,474 945.448 The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities. The notes on pages 16 to 23 form part of these accounts. l The direct training expenses include the costs of the Training Co-ordinator, but exclude bookkeeping costs and time spent by other NLS staff. 13
THE NATIONAL LIFE STORY COLLECTION STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2024 2024 2023 Notes FIXED ASSETS Investments 855,634 850,841 Total Fixed assets 855.634 850,841 CURRENT ASSETS Debtors 13,943 2,377 Cash at bank and in hand 77,518 129,026 Total Current Assets 91.461 131,403 LIABILITIES Creditors falling due within one year {16.621) (36,796) Net Current Assets 74,840 94,607 NET ASSETS 930.474 945,448 THE FUNDS OF THE CHARITY: Founderfs donation Unrestricted fund Restricted fund 10 10 10 200,000 440,845 289.629 200,000 449,147 296,301 TOTAL CHARITY FUNDS 930,474 945,448 The notes on pages 16 to 23 form part of these accounts. The accounts were approved by the Board on 3 June 2025 and signed on its behalf by.. Dame Jenny Abramsky Chair of Trustees 14
THE NATIONAL LIFE STORY COLLECTION STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating activities: Net cash used in operating activities {84,311) (70,695) Cash flows from investing activities.. Investment Income 32.803 32,521 Net cash provided by investing activities 32,803 32,521 Change in cash and cash equivalents in the year (51,508) (38,174) Cash and cash equivalents at the beginning of the year 129,026 167,200 Total cash and cash equivalents at the end of the year 77.518 129,026 Reconciliation of net expenditure to net cash flow from operating activities Net expenditure for reporting period per SOFA (14,974) (79,323) Adjustments for.. ProfiU{loss) on investments Investment income {Increase)IDecrease in debtors Decrease in creditors (4,793) (32.803) (11.566) (20,175) 20,594 (32,521) 7,490 {13,065) Net cash used in operating activities (84,311) (70,695) Analysis of cash & cash equivalents Cash at bank and in hand 77.518 129,026 Total cash and cash equivalents at the end of the year 77,518 129,026 15
THE NATIONAL LIFE STORY COLLECTION NOTES TO THE 2024 ACCOUNTS ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key resources of estimation uncertainty in the preparation of the financial statements are as follows- Basis of preparation of accounts The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 1021). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and applicable company and charity law in the UK. The National Life Story collection meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Fund accounting Restricted funds can only be used for particular purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Unrestricted funds can be used in accordan with the charitable objectives at the discretion of the Trustees. Incoming resources All incoming resources are included in the statement of financial activtiies when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular income= Voluntary income is received by way of grants. donations and gifts and is included in full in the Statement of Financial Activities when receivable_ Grants, where entitlement is not conditional on the delivery of a specffic perfomiance by the charty. are recognised when the charity becomes unconditionally entitled to the grant. Incoming resources from grants, where related to perfomiance and specific deliverables, are accounted for as the charity earns the right to consideration by its perfomiance. Donated services and facilities and the value of services provided by volunteers are acknowledged but have not been included in these accounts. Investment income is included when receivable. Other income including training income is included when receivable. Resources expended Expenditure is recognised on an accrual basis as a liabilty is incurred. All costs are allocated between the expendf(ure categories of the SOFA on a basis to reflect the use of the resource. Costs relating to particular activity are allocated directly, others are apportioned on an appropriate basis consistent with the use of resources. Expenditure relating to generating income. Expenditure on charitable activrties comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activitie5 and those costs of an indirect nature neSSary to support them, as well as governance costs. 16
THE NATIONAL LIFE STORY COLLECTION NOTES TO THE 2024 ACCOUNTS Resources expended Expenditure is recognised on an accrual basis as a liabiltty is in¢urred. All costs are allocated between the expenditure categories of the SOFA on a basis to refiect the use of the resource. Costs relating to particular activity are allocated directly, others are apportioned on an appropriate basis consistent with the use of resources. Expenditure relating to generating income. Expenditure on charitable activrties comprise those costs incurred by the charity 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, as well as governance costs. Fixed assets and depreciation Small items of recording equipment are not capitalised and are written off in the income and expenditure account in the year of purchase. Investments Fixed asset investments are stated at market value at the balance sheet date. Realised and unrealised gains and losses on investments are dea with in the Ststement of Financial Activities. Financial instruments The charity only has financial assets and 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. Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand and short term deposits wtth a maturity date of twelve months or less. Debtors and creditors Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Taxation The charity is exempt from taxation in respect of income and caprtal gains to the extent that these are applied to its charrtable objects. 1.10 Going Concern The TrLfStees consider that the charity has sufficient reserves to continue its activities for the foreseeable future and, accordingly. the financial statements are prepared on a going concern basis. 17
THE NATIONAL UFE STORY COLLECTION NOTES TO THE 2024 ACCOUNTS DONATIONS Total Restricted Unrestricted 2024 2023 ArtlSts Artists - Gabo Artists - HM Architects Argent Craft Design lives Historic Houses Lloyds Register Royal Society Science Templeton Exeter RENEW Core funds 30,236 7,120 1,800 12,448 17,706 19.050 4,868 12.572 9.997 30,236 7,120 1,800 12,448 17,706 19,050 4,868 12.572 9,997 46,363 6.000 8,400 30,000 12,572 2,824 20,000 67,086 11,049 82,710 82,710 8,270 8.270 198,507 8.270 206,777 204,294 INVESTMENT INCOME Restricted Unrestricted 2024 2023 Bank interest received UK Managed - M&G UK Managed - Ruffer LLP UK Managed - Sanlam 3.758 13.040 5.177 10,828 3,758 14,433 5,812 12,313 5,364 15,961 7,035 4,161 1.393 635 1,485 3,513 32,803 36.316 32,521 18
THE NATIONAL LIFE STORY COLLECTION NOTES TO THE 2024 ACCOUNTS 4. EXPENDITURE ON CHARITABLE ACTIVITIES Restricted Fund Unrestricted Fund Total 2024 Total 2023 Charitable activities Salary and pension costs Interviewing expenses and travel Consultancy Staff training, conferences & recruitment Transcription costs Printing, postage and stationery Hospitality Insurance Equipment, repairs and renewals Publications and subscriptions NLS Public event Festival expenses Audit Accountancy Sundry expenses 1C6.515 10,914 36,051 931 72,007 2,142 9.708 1.708 207 2,700 2,769 1,626 3,542 1,527 5,550 6,922 4,800 11,420 343 178,522 13,056 45,759 2,639 207 2,806 2,796 1.626 3,820 1,658 5.550 6.922 4.800 11,420 561 170,562 12,771 76.201 3,829 13,742 4,095 1,758 1,379 1,965 514 9,322 1c6 27 278 131 4,800 11,931 650 218 155,171 126.971 282,142 313.519 Overhead allocation 54,310 (54.310) 209.481 72,661 282.142 313,519 Year ended 31 December 2023 246,248 67.271 313.519 All expenditure incurred is directly related to the charitable activty of establishing a national collection of autobiographical and other lrfe story records. 5. ANALYSIS OF STAFF COST. TRUSTEE REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL 2024 2023 Wages and salaries Social security costs Pension costs 156.127 10,913 11,482 150,424 7,917 12.221 178,522 170,562 There are no employees whose emoluments exceeded £60,000 during the year. The key management personnel of the charity, in the current and prior year, are the Trustees. Trustee remuneration and expenses One Trustee received training fees and expenses of £1,270 {2023- £1,030). Expenses were reimbursed to one Trustee totalling £2.892 (2023- £5,583). No other trustee received any remuneration from NLS during the year. 19
THE NATIONAL LIFE STORY COLLECTION NOTES TO THE 2024 ACCOUNTS STAFF NUMBERS The average monthly number of staff employed by the charity during the year was as follows". 2024 Number 2023 Number Chartiable INVESTMENTS 2024 2023 Market value At 1 January Additions Disposals 850,841 871,435 318,874 (318,874) Net gainl(lossl loss on revaluation 4,793 (20,594) At 31 December 855,634 850,841 Made up of: Listed investments - UK Managed- M&G - UK Managed- Ruffer LLP - UK Managed-sanlam 330,811 274,698 250,125 320,085 285,666 245,090 855,634 850,841 Included in the above is £214.789 (2023: £200,694) relating to the restricted funds. The historic cost of listed investments at 31 December 2024 was £678.053 (2023.. £678,053). DEBTORS 2024 2023 Debtors Prepayments and accrued income 12.886 1,057 1,506 871 13,943 2,377 20
THE NATIONAL LIFE STORY COLLECTION NOTES TO THE 2024 ACCOUNTS 2024 2023 CREDITORS.. Amounts falling due within one year Accruals and deferred income 16,621 36,796 10. MOVEMENTS IN FUNDS At 1 January 2024 Incoming rosources Outgoing resourees Profit on Investments At 31 December 2024 Restricted Funds: Arcadia Land Architects Artists Artists (Mellon) Artists- Rootstein Hopkins Artists - Gabo Artists- Henry McM)re Authors, Lives Argent Britain Building the World Crafts Cartier City Lives Design Lives Exeter RENEW General Historic Houses Legal Lives Lloyds Register Royal Academy of Music Royal Court Royal Society Science Science- Templeton Talking Therapist Theatre Design Web Resources Wellcome Trust 349 2.140 50,750 9,959 100,949 5.153 9,343 20,604 (349) (11,467) (41,331) 12,448 30,236 3,121 39,655 9,959 75,557 3,513 7.120 1,800 {29.694) (12,273) (11.143) (841) (4,526) 789 19,763 13,180 2,138 50,562 1,836 1,200 6,642 22,631 645 11,955 884 9,834 6,677 1,951 462 610 68 2,500 2,907 3,000 1,892 289 629 17,706 2,138 32,259 2.324 1,200 1.774 6,686 5,898 7,567 19,050 (747) (488) 4.868 82,710 (66,765) (5.253) (8,184) 12,572 9.997 (163) (16.257) 22,934 1,951 462 610 68 2.500 2,907 3,000 1,892 202 020 209 481 789 Unrestricted funds: Founders donation General funds 200,000 449,147 200,000 440,845 640 845 97.006 109 312 109 312 4,004 Total funds 945,448 299,026 318.793 4,793 930,474 21
THE NATIONAL LIFE STORY COLLECTION NOTES TO THE 2024 ACCOUNTS 10. MOVEMENTS IN FUNDS {comparatives) At 1 January 2023 Incoming resour¢es Outgoing resources Loss on investments At 31 Dgcember 2023 Restricted Funds: Arcadia Land Architects Artists Artists (Mellon) Artists - Rootstein Hopkins Artists - Gabo Artists - Henry Moore Authors, Lives Britain Building the World Crafts Cartier City Lives Design Lives Exeter RENEW General Historic Houses Legal Lives Royal Academy of Music Royal Couri Royal Society Science Science- Templeton Talking Therapist Theatre Design Web Resources Wellcome Trust 52,633 12,295 43,415 9,959 144,657 2.659 9,343 23,304 3,504 2,259 3,591 1,316 1,774 {52,284) {18,555) {39,028) 349 2,140 50,750 9.959 100,949 5,153 9,343 20,604 2,138 32,259 2,324 1,200 1,774 6,686 5.898 7,567 8,400 46,363 3,677 6,000 (44,063) (3.506) (3,322) (2.700) (1,366) 30.000 (1.267) {116) 67,086 {60.400) (1,633) (5,005) 7,531 12,572 16,897 1.951 20.000 {13,963) 22,934 1.951 462 610 68 2,500 2,907 3,000 1,892 296 301 2.824 (2,362) 610 68 2.500 2,907 3,000 1.892 246 248 Unrestricted funds: Founders donation General funds 200,000 475,822 675 822 200,000 449,147 649 147 91,724 101.127 101 127 17,272 Total funds 1,024.771 288.646 347,375 20.594 945,448 Restricted funds are limited to expenditure on specific projects and the restricted funds balance represents donations received, the expenditure of which has not yet been incurred. Unrestricted funds have no such limitations. The Founderfs Donation is the establishing donation given to NLS. the income from which contributes to the support of general activities including administration.
THE NATIONAL LIFE STORY COLLECTION NOTES TO THE 2024 ACCOUNTS 11. ANALYSIS OF NET FUNDS Restricted Unrestricted 2024 2023 Fixed assets Net current assets 214,789 74,840 640.845 855,634 74,840 849,841 95,607 289.629 640,845 930,474 945,448 12. RELATED PARTY TRANSACTIONS There were no related party transactions in the current or prior year. 13. CYBER-ATTACK ON THE BRITISH LIBRARY In late October 2023 the British Library eXperiend a cyber-attack, resulting in major technology outage and ongoing disruption tothe Library's website, online systems and services. This has affected access to the charity's data held on British Library networked storage and access to digilal collection material. There has been no significant effect on ongoing interviewing projects, and the NLS team continue to work with British Library colleagues as access to data is restored. In the opinion of the Trustees this event does not adversely affect the preparation of the financial statements on the going concern basis. 23
THE NATIONAL LIFE STORY COLLECTION INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOME Donations Bank interest receivable Investment income Festival income Training income Miscellaneous income 206,777 3,758 32.558 5.681 45,311 4.941 204,294 5,364 27,157 47,441 4,390 299.026 288,646 EXPENDITURE Salaries Employer's National Insurance Pension costs Travel and subsistence Consultancy Trainer's fees and travel Training expenses Staff training. conferences & recruf(ment Transcription costs Printing, postsge and stationery Hospitality NLS Public event Festival expenses Insurance Equipment, repairs and renewals Publication and subscriptions Audit fees Accountancy Sundry expenses 156,127 10,913 11,482 13,056 45,759 14,995 21.656 2,639 207 2,806 2,796 5,550 6,922 1.626 3,820 1.658 4,800 11.420 561 150,424 7,917 12,221 12,771 76.201 14.602 19,254 3.829 13.742 4,095 1,758 9,322 1,379 1,965 514 4,800 11,931 650 318.793 347,375 NET (EXPENDITUREY INCOME FOR THE FINANCIAL YEAR 119,767) 158,729) This page does not fom part of the statutory accounts. 24