BLETCHLEYPARK Bletchley Park Trust Limited and its subsldiary undertaklng Trustees, Report & Financial Statements For the year ended 31 December 2022 Company no. 2730618 Charity no. 1012743 81elchley Park Tiusl Umited it5 subsidiary undertaking Trustees, Report and Finonciol Slotements loi the yeor ended 31 December 2022 Index PAGE Reference and odministrative detalls Trustees, Report (including Strategic Reporti 4-17 Report ol the independent auditor 18-21 Consolidated slatement of financial aclivitles Consolldoted balance sheel 23 Charity balance sheet 24 Consolidated statement of cashllows 25 Notes lo the linanclal statements 26-47 Bletchley Park frust Limited and its subsidiary undertoking Tru51ees' Report and Finonclol Stalem&nts for the year ended 31 December 2022 Reference and administrative details Bletchley Park TrL*St Limiled is a company limited by guaranlee ond is a registered chority govemed by ils Memorandum and Articles of A5socialion. For the purposes of charity low the trustees are Ihe directors of the charity and Ihrovghovl Ihis report ore collectively referred to os Trustees. Company registralion number.. 2730618 Charity regi51ralion number.. 1012743 Reglslered office.. The Mansion letchley Park Blelchley Millon Keynes MK3 6EB Trust Board: Sir David Brown (Choir) Professor Liz Bacon Ms Zahra Bardal Mrs Jane Bleach Professor Tilly Blylh Mr Jon Card Iretlred 9 March 20231 Mr Robert Hannlgan Mr Charles Macdonald Prole550r Andrew Martin Mr Hywel Mathias Audlt Committee,. Mts Jone Bleach Ichairl Ms Zahra Bardoi Slr Dovid Brown lappointed 7 February 20231 Mr Jon Card Irelired 9 March 20231 Mr Chorfes Mocdonald 81elchley Pork Tiusl Limited and ils subsidiory undertoking Finonciol stolem&nts lor the yeor ended 31 December 2022 Reference and administrative details (continued) Nominations Committee: Slr Dovld Brown Ichoirl Protessor Liz Bacon Ms Zohro Bordoi Mrs Jane Bleach Professor filly Blyth Mr Jon Card Irelired 9 Morch 20231 Mr Roberl Hannigan Mr Chorles Mocdonold Professor Andrew Martin Mr Hywel Mathias Remuneration Commllle8'. Professor Llz Bacon (Chairl Sir Dovid Brown Professor Tilly Blyth Professor Andrew Martin Chlef Execullve Oflicer.. Mr lain Slanden Company Secretary: Jenniler Milton Bankers., H58C Bank PIC 207 Queen5way Blelchl8y Bucks, MK2 2EE 501Scltors'. Shoosmilhs LLP Wilon Gale House 5CK>6W Wilan Gale West Milton Keynes. MK9 ISH Audilor: Sayer Vincent LLP Regislered Audltor InvScla House 108-114 Golden Lane LONDON. ECIY OTL 61etchley Park Trvst knmited ond its subsidiary undertoking TnJ5tees' Report and Financiol Stolement5 for the y8or ended 31 December 2022 Trustees, Report (including Strategic Report) The Trustees present Iheir annual report lincluding their straleglc report) togelher wth the consolidated finoncial stotemenls ol the Tru51 and its subsidiary for the year ended 31 December 2022. The financiol slatemenls comply wth the Charities Act 2011. the Componies Act 2006 ond follow the Stotemenl of Recommended Practice applicable lo charities preparing their accounts in accordonce with the Flnoncial Reporting Stondord applicable in the UK and the Republic of Ireland (the 'SORP'I. Chalr's Revlew ol the Year Following a difficult Iwo years, 2022 slorted strongly. Visitor numbers were returning towards 2019 levels and, following the resloration ol Block A in 2021. two new exhibitions opened at the end ol April 2022. The new permanent exhibition, The Intelligence Factory, Iocu58s on Bletchley Park's wartime operollons from 1942 10 1945, and how It operated al an industrial scale lo meet operational demand5, with a mulli-skilled wortforce ol around 9,(￿. The new temporary exhibition spur In Block A houses The Arl of Data.. Making sense of the world. This exhibition demon5trale5 some of the woys the Codebreokers vi5ualised doto. alongside contemporary examples, and Ihought-provoking dala visuallsolions, As the year progre55ed, inllalionary pressvres started to be felt by bolh businesses and the public. These cost-ol-living pressures Impacted visitor numbers, wilh spring and 5umm8r months seeing numbers similar to 2020 ond 2021. Addilionolly, price increases and supply chain issues also allecled operational costs and, crucialw, impocted the lender exercise for the resloralion of Block E to deliver o dedicated learning cenlre ond ovditorium. Further lundroising was achieved in order lo let the Block E contract, and the Trust remains groleful to its key supporters who were oble to make additional donolions in order lo enable Ihe project lo progres5. The pressures on operational flnances meont certain aclivilies continued to remoin poused. and the planned growth in the staff leam wa5 deloyed. Despite this, the TTU51's 51afl ond volunteer5 conlinue lo deliver an oulslanding visitor experlence, engoging wilh visitors, looking after the slte and collections. and providing the vilol support functions. The Trust Board thanks the whole team for their dedication, perseverance. and passion. The onnual 1940s Weekend look place at the end of Seplember, and welcomed over 3,CKXI visitors over the two days, and the Vinloge Christmas Grolto was fully booked. Towords the end of the yeor visitor levels slorted lo rise again with Oclober half term being porticulorly 5ucce55ful. The new Collection Centre was completed in October, and the collection relocoled ahead of opening ol Ihe Reading Room in November 2022. To conclude, the year linished more positively Ihan onticipaled wilh the new exhibilions enhancing Ihe visitor offer. and good progress is undelwoy lor tho delivery of the new leorning centre and auditorium in 2023. Blslchley Pork Tru51 Limiled and itg subsidiory vndorttsking Tru51ees' Report and Firionciol stotements lor the yeor ended 31 December 2022 Trustees, Report {including Strategic Report) Purpose and activllles Bletchley Park was once the lop-secr8t hom8 of Ihe World War Two Codebreokers. Afler the war, il become home lo a variety ol troining schools betore closing in 1987. Following moves to demolish Ihe whole sile for developmenl, a small committee was formed in 1991 with Ihe aim of saving Bletchley Park in tribute lo the remoikoble people whose collecllve intellec15 chonged the course ol WW2. and so that the story could be kept alive for the education and enjoymenl of fulure generations. The Bletchley Park Trust was formed in 1992 and now manages a 5elf-funding historic visitor oltraclion opened daily lo Ihe public, allowing visitors lo visit the unique sile, and to understond the important work thot was achieved al Blelchley Park during WW2. The Trust conlinues to preserve and restore the WW2 sile for the lulure. Ihrough continuing maintenonce programm85 and. where appropriote. Ihrough redevelopment for purposes aligned with Its vision and mission slalement. The Trust educates and inspires audlences both formally and inlormolly, through exhSbilions, collec1ions and inspirotional learning programmes and engogement aclivilies. Vlslon Bletchley Park wlll be recognised and ocknowledged worldwde lor the achievements that took place here Sn Wodd War Two, and how and why Ihese remain rel8vanl today, Mlsslon To ollracl, engage and educat8 P80ple from all ov6r the wodd in order to Inspire them wth Bletchley Pork's cruclol role In Wortd War Two. Core chailtable objects A5 set oul in the Trust's Article5 of Association los updoled on I l June 20191, the objects (' Objecls'l for which Ihe Trust is established are to advance the education ol the public. to conserve Ihe historic Wodd Wor Two Site ol Blelchley Patt and to advance the or15, culture, heritage. and sclence. Strateglc framework The Trust hos six hlgh level stralegic goals to enable delivery of the Tru51's Vision.. I l To complete the preseryation and enhancement of Ihe iconic and hislollc buildings. and eslate, of Bletchley Park. 21 To maximise the Bletchley Park offer by creating informolive, engoglng, enjoyable and educational experfences Ihot highlight its story and exploin ils relevance lo todoy. 31 To be a recognis&d authority on Bletchley Park history, and the guardians ol its collections. 41 To be a cultural leoder, locally and nationally, that promotes and champions best praclice wilhirn Ihe culture and herilage seclor. lelchley Pork Trusl Limited ond 115 Subsidiary undertaking Trustees. Reporl ond Financial stotemen15 for the year endèd 31 December 2022 Trustees, Report (including Strategic Report) 51 To moximise Ihe financial resilience, organisational efficiency, and long-lerm suslainobilily ol the organisation. 61 To be the best we can in how we lead, monoge, and invest in our people. Pvbllc benefit In shaping its aim5, plans and aclivilies, the Tr(Jstees have regord lor the Chorily Commlssion's guidance on public benefit. The most signilicanl benefits to Ihe public that the Trust delivers are.. Opening Ihe sile lo the public os a museum, providing enjoyable and engaging leorning experience5. The museum is open seven doys per week, and lickel prices are oflordoble and represenl good volue. As part ol the admission policy on annual pas5 IS issued which entitles the holder to enter Bl8lchley Park lor no addS1ional charge during Ihe lollowng twelve months, Children under 12 ore olfer8d free entry lo the museum. Offering local promolions and other discounted enlronce initiatives lo encourage visits to the museum. with the aim ol encouraging local pride and enhancing wellbeing. Currernl initiatives include free entry on Heritoge Open doys, discounted admission5 for local residents, and providing complimentary lickets for auctions ond rallles lor local groups. charities and schools. Delivering a varied programme of evenls fo allract and engage as many people as P055ible. 2022 events included 0 19405 weekend, an outdoor performance ol Much Ado Aboul Nothing and a vinloge Chrlslmos Grotto. Nurturing link5 wilh the locol community by working with local groups ond a5sociollons, In 2022 Bletchley Pork hosted the leslival launch lor Milton Keynes Cily of Codes & Light Festival - a collaboration of festival stakeholders including Islamic artists, community and school groups, MK College students, celebrating malhs, arl and technology in Milton Keynes. Bletchley Pork continues to be arn active member ol the local Arts and Heritage Alliance and Heritage MK Consorlium ond participates in MK Councll forum5. Providing o variety of volunleerlng opportunities for local residenls. to ensure an enjoyable experience with social and learning opporlunilies, Wott experience and lo leach new skills. Volunteers are crucial lor the survival of the Trust, wilh 2022 engoging over 200 volunteers. Making Ihe Trust's colleclion accessible to researchers ond studen15, to odd lo the collective knowledge ond understanding of the work undertoken ot Bletchley Park during WW2. October 2022 s(Jw the opening ol the Trust's dedicated Collection Cenlre which includes a dedicated Reading Room to allow the Trust to welcome such aclivity. Delivering a formal leamir)g programme of facililaled workshops and tours onsite or outreach opportunilies. lo make leaming enjoyable, porlicularly for young people. A bursory scheme provides free school trips lo site lor those most in need ol financial support. Blelchley Pork Trust Limited oynd ils subsidioiy undertaking Tru5tee5' Report and Finonciol stotemenls lor Ihe yeo]r ended 31 Deco.mber 2022 Trustees, Report {including Strategic Reporti Providing and publishing informalion about Bletchley Park. through publicolions, the Trust's website hl rk.or .uk social medio channels, as podcasts and videos, and via third-party communications, campaigns, and partnerships. Maintaining and moking publicly available the Blelch18y Park Roll ol Honour lo list all those believed lo have worked in signols intelligence during Worfd War Two, at Blelchley Park and other localions. A fully searchable Roll of Honour is available on the Bletchley Pork website which allows people all over Ihe world to learn about the Veterons, contribution lo the codebreaking effort ot Bletchley Pork during WW2. Veterans and their representatives can add photographs and addilionol informalion aboul life and work ol Bletchley Park ond its oulslations. Pods are also available in the Visitor Cenlre and Mansion, which ollow visitors lo access this Information during their vi51t. Achlevem•nt$ and performance 2022 50w Bletchley Pork relum lo a full year of being open to the publlc following the COVID 19 pondgmic. Following the strong growth in visllor levels at the end of 2021. budget expectotions were lor thi5 to continue through 2022. However, whilst visilor leve15 Started strongly, these were clearfy impacled by the economic pressures fell during spring and summer, with visilolion falling back lo around 60% 012019 levels, similor to mony other heritage attraction5. The winter months lared belter. and overoll visitor number5 reached 187,711. School vlsits returned strongly durSng 2022 and ore now achieving similar levels to 2019. Due to reduced visilor levels, the Trust continues to pouse activities and prioritise spending. More details around the Trusl's finances during 2022 can be found under Financial Review. Alongside the priority to allract and welcome as many visitors back lo the museum os possible, Ihe Trust was also able lo deliver on ils slrolegic goals as follows.. l) To ¢ompl•l• th• preservatlon and •nhonc•m•nt ol the leonle and hlstorlc bulldlngs. and •$lat•. of Bletchley Park. Due to capital funds raised, th8 Trust has been abl8 lo continue wilh Ihe building works lor Phase Two restorolion plans.. the redevelopment of Blocks A and E. Following Ihe completion ol Ihe restoration ol lower Block A Sn 2021. the resI￿atIon and conversion of the Teleprinter Building ExtensSon into a dedicated colleclion centre was progressed in 2022. The works were completed in the main by September, with Ihe colleclion relocaled and the Collection Centre open lor ros8orch from Novomber 2022. Contractors were appointed lo deliver a dedicaled leorning centre or)d ouditorium in Block E, with works commencing in August 2022, These works will restore the WW2 elements ol Block E into a dedicated learning cenlre and event space, with a new auditorium being constructed on the sile ol a post-wor extension. Supporl spaces in the Diesel House and Building 49 are being renovated and new coach boys constructed to accommodate school visit drop-off5. These works will be completed during 2023, wth Ihese spaces open lo the public lor Ihe first lime. In April 2022, the Trust was delighted to be accepted for funding trom the DCMS via Arts Council England as port of Ihe Museum Eslate and Development Fund IMENDI Round l. This funding will enoble the Trust to reploce it5 oged HV transformers, switchgear and cabling and to replace the cast iron waler main, valves and fire hydran15. These works Blelchley Pork Tru51 Limilgd and Ils subsidiory underloking Irustees, Report and Financiol stotements loi the year ended 31 December 2022 Trustees, Report {including Strategic Report) commenced in Autumn 2022 and will provide Significant resilience to the Trust's ulililles infraslructure, reduclng running costs, arnd delivering 5everol environmental improvements. other work5 during the year included refurbishment works to Hut 4 kitchen. annual sgrvicing and maintenance aclivities, and many smaller repairworks. 2) To moxlml$e the Blet¢hl•y Park offor by creatlng Inlormatlve, engaglng. enjoyablè ond educatlonal experlences thol hlghllght Sts story and •xploln Its relevance to today. As part ol the funded phase 2 restoration works, lollowing completion ol the Block A renovation al the end 012021, exhibSllons were installed in the building and opened lo the public on 28 April 2022- The Intelllgence Foctory, o new permanent exhibition in spurs l and 2 01 Block A, locuses on Bletchley Pork's wartime operations from 1942 to 1945, and the growth in buildings and workforce at an industrial scale lo meet operollonal demands. The Art ofData Ss the Trusl's inaugural temporory exhibition in a dedicated lemporory exhibition spur. This exhibition explores how data can be visualised wth 3D model5. onimatior)s ond inleraclive visuali5ations and demon51rates some ol the ways the codebreakers vlsualised dalo, olongside conlemporory examples. Alongside the new exhibilions, a programme of activities and events were held Ihroughoul the year, to attract ond engage visitors. These included family trails and workshops during the school hoSidoys, outdoor theatre, the return of the 1940$ Weekend, and the popular vintage Christmos Grotto in December. Virluol events continued over the year, with a programme of events for Friends and Supporters, and free lo wolch workshops and lectures. The Trust continue5 to produce and share ils regular progromme ol Bletchley Park podcasts. sharlng fascinoting facts, 'It Happened Here, lealur&s and priceless Interviews wllh Velerans. Demand for the Trust's formal learning programme continued lo grow through the year. and demond is now ol similor levels to Ihat reoched in 2019, Tha sessions ore available to be deliv8red onsite, digitally or as an outreach session. In addition. 2022 saw the inlroduclion ol a number ol Cyber Security se5sion5 os parl ol a funded project. June 2022 saw the Trust awarded a VisilEngland Silver Award for excellence in Ihe Larg@ Visitor category, giving teslamenl lo Ihe high slondards ol experience delivered to visitors. 3) To be a re¢ognls•d authorlty on Bletchl•y Park hlslory, and the guardSan$ ol Its collectlons. The new Collection Centre was opened in Ihe Teleprinter Building Extension towards the end of the year. This space will help brooden occe5S to Ihe collection by focililating visit5 from specialist researchers or interested acadernic and research groups. Digitisation focililies will support research ol the collection ond allow elements of the collection lo be made available digitally. The increased amount ol dedicated collections storage, along wilh the environmental condition5 In plcjce, meets Spectrum standards (the Collections Trust collection management stondord for collectiong procedure5 in Ihe UK), the requiremenls lor Museum accredilalion and best practice conditions. The Trust continues to share stories and research through virtual events, lecture5 and digital podcasts. Bl&lchley Port Trust knmiled on(J its sub5idiory undertoklng Trustees, Report ond Financial 51olemenls lor the year ended 31 Decernbei 2022 Trustees, Report {including Strategic Report) 4) To be a cullural leader. locally and natlonally, that promotes and champlon$ be$1 practlce wllhln the ¢vlture and herlla9e sector. The Trust continues to oller promolion5 to the local community. During 2022, 5,0(X) tickets were sel aside for local residents to attend the sile for free os part of Heiilage Open Days in Seplember. The Trust also offers 51)% off ils slondord admission prices to local residents. In October 2022, Blefchley Park hosled the lounch for Milton Keynes City ol Codes & Light Festival by lacilitaling a unique light inslollotion showcasing the151amic arabesque art form projected onlo Ihe Mansien. Admission to the event wos free. The Trus* continuolly ensures it15 obl8 lo maintain ond, where possible, improve occessibility lo the site, collections and services. The new exhibitions opened in Block A include wheelchair access lo the exhibitions in thal area and o variety of interpretation techniqugs within the new exhibitions will help welcome a variety ol learning skills ond abililies. whi15t a number of sensory 10015 will assist those with impolred sight or hearing. 5) To moxlml$e th• Ilnanclal r•slllence, organlsallonol •ffl¢l•n¢y ond long.t•rm sUStalnablllty of the organliaNon. The current Phase Two resloTalion works are a key slep to take Ihe Trust lowords long-lerm sustoinobility. The recently opened Block A exhibilion galleries provide a further opporlunily to shore previously untold element5 of the Bletchley Park 510ry. in an engaging and accessible monner. The temporary exhibition spur provides opportvnily lo shore untold 51ories, explore relevant and contemporary conlenl ond showcose unseen items and objects. Both additions provide odditional contonl to ottracl and engage visitors and broaden the Trust's reach, driving visitor income. The creollon of a dedicated Collection Centre ensures the Trust is able to protect and soleguard it5 collection and provide improved acces5 lor research and learning, both onsite and digitally. This wll help raise Ihe Trvsl'5 profile and ensure it is recognised 0$ the authority on the Bletchley Park story. The delivery of the Learning Centre ond Auditorivm loler in 2023 will provide a dedlcaled and increosed spoce to grow the Trust's formal leaming progromme and engoge new audiences through a range of activities and events in Ihe space. The Audiloiium will help the Trust advance its ocodemic repulalion through symposio. lectures and conference5, and build Partne￿hipS wth 5UPPOrters. Opening Blocks A and E as oddilional exhibilion gallerie5, a new learning cenlre, and o dedicated collection cenlre will allow the Trust to continue to grow its visitors, further raise its profile and deliver key elements of ils strategic plon. A5 previously reported, the COVID-19 pandemic has been a challenging lime for the TfUSI, c105ing for long period5 01 time, Significantly reducing income wth mony octivilies stopped or paused. 2022 sow o return to full year opening. however visitor levels remained weakened, ond the Trust was unable lo fully meet 115 operational cost5 from ils visitor income. Support from both the Culture Recovery Fund and Facebook provided crucial income to support the Tru51 Ihrough this lime and into 2023, ond enabled Ihe group lo achieve an unrestricled surplus before lax in the yeor. Whilst it is nol expecled that visitor levels will return *0 2019 levels, it Is anticipated Ihot numbers will continue to improve, and 202312024 will See the Trust return to a breok-even operational p0511ion. Blelchley Pork Tru51 Limited ond ils subsidiary undertoking Trustees, Ropoit and Financial 5totemenls for the yeor ended 31 Decernber 2022 10 Trustees, Report (including Strategic Report) The Trust has continLJed to secure support from individuals, companies, trusts and foundolions, primarily towards capital works and Specific projects. In the coming year, the Trust will increase ils focus on securing unrestricted and revenue funding. Looking further ahead, the Trust will continue to ensure il inve51s in the visltor offer, recogni5ing chonging audienc8 needs and expectations. to ollow the Trust lo gen8rate surpluses from operations in order to maintain and refresh the site, buildings and exhibition5. O) To be Ihe best we can In how we l•ad, mana9•, and Invest In our peopl•. 2022 saw a return ol a number of social and engogemenl evenls for the Bletchley Pork teom. These events included: the refurn of regular slafl and volunle8r meelings and new starter welcome meetings, events and octivities for Menlal Health Week and Volunlears, Week, the annual Plcnic in Ihe Park in July, and Merriment in Block C in December. The Trust performed ils Annual People Survey to help inform engagement plan5 and to highlight team concerns. The results were generally positive wlh some useful fgedback for areas of locus going forward. Flnanclal revlew 2022 has been another chollenging yeor financially for the Trust. Th8 museum welcomed 187,71 I visitors, oround 66% 012019 visitor levels. This was lower than anticipated ot the start ol Ihe yeor, with visilalSon affected by Ihe global economic crisis and cosl-of-living pressures. School vSsils returned with numbers returning lo 2019 levels from Easter 2022. The impact of lower visitor leve15 resulted in a reduced surplu5 for the year than planned, due lo many costs remoining fixed or necessary. Th8 Trust remoins grateful for support from the Department for Dlgllol, CullLtr8, Media & Sport IDCMSI Culture Recovery Fund, with the linas in51olment of £385k from the Round 2 award beSng agreed and poid in March 2022. These funds prevented fuither draw-down from the Trust, designoted reserves and ha5 provided the Trust with financial resilience into 2023. During Ihe yeor the Trust delivered significant works as part of the funded Blocks A and E reslorotion project. Much ol Ihe reslr5cled income received related lo this prolecl and supported the expenditure on the resloralion ond exhibilion cosls. The Trust wos also able lo releose some ol 115 own funds designated lor Ihls project lo support the increased project cosls during the yeor due to economic and inllotlonary pressures at Ihis time. In Summary, the Trust rinished the year with an unrestricted surplu5 after deprecialion of £332,576. This is an improved financial position Ihan the Trust anlicipoted at the start of the year and hos provided financiol resilience inlo 2023. The results of retail and cotering operalions, olong wilh sponsorship activity undertaken by the Iroding subsidiary. Bletchley Park Company Limited, resulted in o surplus in the troding subsidiory 01 £1,354,168 before toxalion in 2022. The Iradlng company ha5 donoled its taxable profit lo the Trust during 2022 and 2023. Bletchley Park TrLJSt Limited ond its subsidiary underloking Tru5te&5' Report an(J Financiol statement5 tor the yeor ended 310ecernber 2022 Trustees, Report (including Strategic Report) Plans foi future perfods The current focus for Ihe TnJst is lo continue to grow visitor numbers and Income agoin in order to generote appropriate surpluses each yeor in order to SUPPOrt the ongoing refreshment and maintenance ol the sile ond exhibition5. Marketing activities conlinue to reach ond oltracl new visitors ond encourage return vislts. Maximising opportunities publicily, through filming, social medio, publlcations and the website, wll continue lo roi5e Ihe Trust'5 proffle ensuring the Bletchley Park story is shored nalionally and internationally. Alongsicle this, the Trust will aim to grow Income from individuols. companies, trusts ond foundations to support core aclivity and key projects, supplementing income from vi51tors. The other significant focus lor 2023 15 the completion ol the dedicaled leaining cenlre and auditorium in Block E. These works ore being delivered in two phase5 With Ihe Learning Centre completed and used for d81iv8ry of the Trust's formal schools learning programme, and lomlly activities from summer 2023. The Auditorium will be completed over the summer wth external 8venls Ic)king ploce from October 2023. These works will ensure the Trust is able to deliver many more ol ils current 51ralegic gools, as well as provbding an opportunity to generate commercial income over lime. The Trust is now working on longer-terms plon5 to 5UPPOrt Ihe Tru51's growing operolions and lo address longer-lerm maintenance i55ue5 around the sile. The difllcvll linoncial siluolion over recent yeors hos resulted in reduced investment in the sile, Infroslructure ond buildings. Inillallves are being developed to prioritSse and plan lor urgent works to continue lo secure the historfc slte. Plans are being developed for the nexl temporary exhibition. Alongside this, the Trust will 0150 continue to research and develop ils collection in order to shore ond educate the public with the work that look place at Bletchley Park during WW2 and how il remoins relevant today. Fundralslng acllvlty The Trust currenlly has a dedicaled Development leam of four. This leam is responsible for the lundroising aclivilies ol the Trust, with oppropriale oversighl by Trustees. The leom ha5 Ihe strategic objective to susloin and build the Trust's income lo meet capitol ond rever)ue needs in line with the long~term strategy ol the Trust. They keep obreosl of, and comply with, fundraising legislation ond will ensur8 all Ivlure requirement5 are adopted and adhered lo by the Trust and will olwoys seek to comply wth best practice In all its fundraising aclivilies. The Tru51 does not use exlernol fundraisers or commercial participaloTS. The fundraising locus is on developing relolionships with charitoble Irusls. locol and central authorities, individLJals and appropriale corporale organisolions. The Trusl encourages donations, both ad-hoc ond via appea15 (such as th8 Codebreokers, Woll or capitol campaigns), through its petlodic magazine. its Friends of Bletchley Park programme, via onsite donotion boxes and via leall8ts and posters. The Tru51 does nol run telephone cgmpoigns or targeted per50nali5ed mailshots ond does nol aclively seek legacies unless opproached by donors or their fomilie5. The Trust recogni5es that Several ol its mosl-valued Supporters are Veterans who may be vulneroble. and so the leam exercises restroint when approached by Veterans regarding donolion5 (X legacies. The Trust has not received any complainls regording it5 lundr0i5ing practices. letchley Po(k Trust Limited and115 sub￿d10ry undertaking Truslees. Report and Finonciol slot&menls for the yeor ended 31 December 2022 Trustees, Report (including Strategic Report) Reserves pollcy In occordance wilh Charily Commission guidance, the Trust monitor5 the level of fund511 holds in unrestricled reserves, both generol and designated. Unre51ricted general reseNes are calculated 0$ nel funds less restricted funds, fixed ossets. and olher designated funds. These unrgslricled general funds totalling £2,698,38812021: £2,352.1071 rep¥esent'. Free re$orves Currently the Trustees have del8rmined thol the oplimum level ol free reserves Ihal the Trust would like lo relain lo support the Tru51 through a crisis whilst olternolive or future option5 ore explored 15 Ihot likely lo be required to cover three to four month5, annual operational expenditure. At Ihe end 012022, this optimum has been determined at circo £I,5￿,(x)0. The Trust 15 pleased to report that its free reserves were maintained, and the 2022 financial slatements show free reserves for the group Icomprfsing the Trust and Bletchley Pork Company Limiledl of £2,248,388 at the year-end12021-. £1,596,807). During 2023 the Board has designaled £500,000 of free reserves to a rolling maintenance fund and an exhibition refreshment fund in order to provide lor these necessary activities. Unrestrlcted cashflow r•i•pio The Trust also maintains a cashllow reserve lo support Its typical net cash outflow for the month5, October to March. This reseNe is accumuloled from surpluse5 earned through summer months, and then utili5ed over the winter months, before being replenished again over Ihe summer. The level ol fund required is determined from cashllow forecast eoch wlnter. At 31 December 2022, this requSremenl was £450,C(￿l2021,. £755,300). As port ol ils longer-lerm plans, Ihe Trust also sets oside d85ignaled reserves lor a number ot purposes. Details ol the designoled funds con be found in note 24. Al Ihe end of 2022, designated funds tolalled £8,451.70012021.' £7,039,075). Reslricled funds comprise funds commilled lor specific purposes under terms Set out by lh8 donors and funders. Al 31 December 2022 these lotolled £2,623,17512022: £3,045,555). Prfnclpal rlsks ond uncertalnlles The Board of Trustees malnlains o number of risk registers to record and monitOT the major rlsks to which the Trust is exposed, os follows.. Board Slroteglc Rlsk Règlster. This includes strategic risks Ilhose malter5 Ihat have the potential to have a strategic impoct on the Trusti. standlng Rl$k Reglsl•r. Thls includes standing and routine items such as fire, health and safety, thell elc., that ore already managed as issues, and Ihat ore already subject to on inlemal compliance regime. Project Rlsk Reglst8r. This will be project-5pecitic and will include Ihose risk5 that have polenliol to have o signilicant impact on the progress of the projecl. These risk regislers are updated, maintained and monitored by the Director5, Executive. The Trust Board reviews and considers the Strotegic Risk Register al eoch Board meeling and the Slonding Risk Register once a year. Projecl Risk Registers are updoled and mointoined by each Project Board / Team, which may include Trustee representotion, and ore monitored by the Bletchley Patk Trust Limited ond ils subsidiory undertaking Tru5tees' Report and Financiol stolements lor the yeor ended 31 December 2022 13 Trustees, Report (including Strategic Report} Direct￿$, Executive. Any risk that cannol be mitigated sufficienlly is included on the Slrategic Risk Register as appropriate. The Trust Board olso review5 and Conside￿ major projecl risks 05 parl of Ihe Project update considered at each Board meeling. The Audit Commillee reviews and considers the Stralegic Risk Register and Standing Risk Register at each Committee meeling.11 monitors the eflectiveness ol rssk manogement and reports lo the Trust Board af leasl a biennial bosls on Ihe risk management framework. The Trust Board mointain5 and annually reviews a Risk Appetite Slotemenl, which sets out the extent to which the Trust is prepared lo accept the risks associated wilh the actions Ihe Trust plons to lake. The Trusl Board assesses ils priorities ar)d plans with regard lo its risk appetite. The current areas of major potential risks to the Trust ore flnancS0l resilience and constralnt5 on future developmgnl, Flnan¢lal re$lll•nce The curTenl economic sltuation following the COVID-19 pandemic is placing significant pressure on the Tru51'5 finances. Visitor nurnbers remaln substantially lower than pre- pandernic levels resulllng Sn significanlly lower income. The Trust ha5 laken a number ol measures to support its finances since 2019 and has received exceptionol support from gronts and donolions. The Trust ha5 budgeted lor an operational deflclt durlng 2023, whilst visitor r)Ufnbers recover lo a level whele incom8 will meet CLJrrenl operating cosls.11 is anticipoled Ihat the Trust will return to o surplu5-generating Position by 2024, with a focus ol Investment in order lo mainlain the sile ond buildings, refresh the offer ond build capacity to resume paused activi1185. The Trust will continue to monitor visitor confidence and economic forecasts lo enabl8 It lo manage any varialion5 from Ihese forecasts. Consfralnts on fvlure dev•lopm•nt Recent years hove signillcantly impacted the Trusl's ability lo generate surplus lo sel aside for lulure developmenls, including rolling maintenance of the buildings and infraslruclure and fefre5hmenls and upgrodes to exhibitions and conlent. It ha5 also poused planning for the next phases ol Ihe Trust's site mastwplon. The Trust Is reviewing ils site M051erplan during 2023, In order lo Identify ond prioritise lufure devolopmenls consislenl with current and projecled visitor demands and expeclotions. Until the Trust can retum to financial stability and ottrocl visitor leve15 reached pre- pondemic. ils future development plans remoin cor)strained. Slructure. goveinance and management Governlng document Bletchley Park Trust Limited Ilhe "Trust'l was esloblished in 1992 05 a compony Ilmited by guarantee and does not have share copilal. It is a registered charity govemed by ils Articles of Association as dated on 10 July 2014 and amended on I l June 2019. The Trustees are both the dlreclor5 of the Trusl ond the members of the Trusf. The Boord ol Truslees may choose whelher lo hold an Annual General Meeting of the Trust. The Trustees moy call a general meeling at any time. 61etchl8y Poth Irusl Limiled ond its subsldiory underlaking Trustees, Report on(J Flnancial 51atement5 lor Ihe year endèd 31 December 2022 Trustees, Report {including Strategic Report) In the event ol the Trusl winding up. each member of the Trust undertake5 lo contrSbule on amount not exceeding £1. Upon the wnding-up or dissolution of Ihe Trust all remoinir)g assets sholl be given or tronslerred to some other charitable institution having objects similar to the Trust, in accordance with charity rules. Oiganlsotlonal structure Th8 management ol the business and control ol the Trust is vesled in the Board of Trust&es, as directors ol the Trus1. The Board delegotes certain powers within 51aled lerms of reference to Committees. Th8 Board 15 responsible lor ensuring the delivery of the Trust's objects, setting Ihe strategic direction, ond upholdlng Ihe values ol Ihe Trust. It meets formolly four times per year and holds on onnual strategy day. During 2022 there were three Committees: Audll Commlttee. The Audit Committee is responsible lor ensuring there 15 an elf8clive framework lor linoncial reporllng and external audlting, and for reviewing all systems ond methods ol control both linoncial and olheNise including rlsk onolysis and risk management. The Committee meets ot least four limes per y80r. Nomlnollons Commlllee. The Nomlnations Commillee leads the process lor oppointmenls lo the Tru51 Board ond its Committees, ond recrults, when necessary, the CEO. 11 meet5 as buslness requires. R•mun•rallon Commltt••. The Remuneration Commille8 detemines the framew¢yk for Executive pay and reviews and approves annual stofl pay awards. 11 meets a5 business requires. The Board delegoles the day-to-day management ol the Trust lo the Directors, Executive comprising the Chief Executive Officer. the Direclor of Public Engagement, the Dlrector of Development, and the Director of Support Servlces. The Directors, Executive meets formally once a monlh and reports to Ihe Trustees following these meetings. Trustee appolntmenl and Iralnlng The Board ol Trustees compri5e5 not less than live and not more than Iwenly members. The greater ol one third ol the members or four Trustees forms a quorum. A Tru51ee seNes a term of four years from Ihe date of oppointmenl, unless a shorter fixed term is Set by the Board, or helshe ceoses lo be a Trustee. A Tru51ee moy be considered for reappointment for a Second term of lour yeors. A Twslee may, in exceptional circum51onces. be reappoinled lor o further lerm of no more than fouryears. The Nomir)ations Commillee reviews and delermines the membership ol Ihe Board by referenc to the Trustee skills Molrix and its Trustee role description. The Committee identifie5 ond nominole5 candidates lor appoinlment lo the Board. Candidates are recruited from direct approoches, recommendations ond referra15 ond odvert15emenls os appropriate. Potential new Trustees meet with members ol the Nominotions Committee ond the Chief Executive Officer for a tour of Bletchley Park and o discussion of the specific role requiremenls. Candidotes are issued with an Induclion Pack. The Committee nominotes suitable candidates lo the Board ond Board members have the opportunity to meet candidates. Trustees are oppointed by the Trust Board. Bletchley Pork TTUSt Limited and its subsldiaiy undtrrtukino rruslees, Report ond Finonciol stutemenls lor the y&or ended 31 December 2022 15 Trustees, Report (including Strategic Report) Following appointment, oll Tru5tee5 are issued with o Trustee Pock. Appropriate documentation and guidonce Is provided regarding roles, responsibilities, ond the governance structure of the Trusl. Meetings are a￿anged ￿th key personnel at the Trust. The Trust periodically briefs and updotes Tru5tee5 on good governance and change5 in currenl legislation, alongside other vpdales. Other training is ovoiloble from external providers as oppropriole. Trustee attendance at Board meellngs The loble below sels out Ihe record of oltendance lor Tru51ees and the Chi81 Executive Officer, ol Board meetings during 2022. Tru51ees also ollend vorious Committee meetings each year. Commitl&e ottendance Trust Board oltendance NC RC AC Sir David Brown 616 212 212 Prof Liz Bocon 516 616 616 516 416 516 516 616 416 0/1 Ms Zahra Bardai 314 414 Mrs Jane Bleach Prol Tilly Blyth Mr Jon Card 112 oil oil 0/1 414 Mr Robert Hannigan Mr Chades Macdonold 414 Prof Andrew Marlin 212 Mr Hywel Mathias Mr lain Standen ICEOI 616 212 414 NC- Nomlnations CommSltee RC- Remuneration Committee AC- Audit Committee Truslee remuneratlon and relaled party twansactlon$ No Trustee receives remuneration or olher benefit from their work with the Tru51. Detalls of Trustee expenses ond related party expenses ore disc105ed in notes 8 and l O to the financial stolements respeclively. If the Trust enters into a transaction wlh o Truslee. a company in which a Trustee has an interest, or wth any person connecled with a Truslee, this must be disc105ed in full lo the Trvsl Board and the Trustee concerned Is excluded from voting on any dlscussions regarding thal transaction. The Trust maintoins o register of Trustee interests whlch is updated on an annual basis, and during Ihe year as appropriate. The Trus1 poy5 for indemnity insuronce for the TfU51ees. The Trust ha5 1 Q)% ownership and control ot its Iroding subsidiary, Bletchley Park Compony Limiled. This subsidiary carri&s out the commercial aclivities of the Trust. Bletchley Polk Trust Limited ond ils subsidiary undertaking Trustees. Report oncl Flnonciol slatements lor the yeor ended 31 December 2022 16 Trustees, Report (including Strategic Report) Key manogement personnel remuneratlon The pay ol eoch member of the Direclors, Execulive is reviewed annually by the Remunerotion Committee having r&gard lo appropriate benchmarks, both locolly ond within the museum sector. Trustees, responsibilities for the flnanclal stalemenls The Trustees (who are also directors ol Bletchley Pafk Trusl Limited lor the purposes of company lowl ore responsible lor preparing the Reporl ol Ihe Trustees lincluding the Strategic Report) and the financial statement5 in accordance wilh opplicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Proclicel. Company low require5 the Trustees to prepare financial stotemenls for each linanciol year which give a true ond fair view of the slate ol allairs ol the charitable company ond the group Icomprising the choritable company, Bletchley Pork Trust Limited, and its trading subsidiary, Bletchley Park Company Limlledl ond ol the income and expenditure ol Ihe group for that period. In preparing these financial statements, the Trustees are required lo: select suitoble accounting policies ond then apply them consistently: observe the melhods and principles In the Charities SORP.. moke judgements and eslimales Ihot are reasonoble and prudenl., slate whether applicable UK AccountSng Standards hove been lollow8d, subject lo ony material departures disclosed and explairned in the financiol stotemenls., prepore the financial statements on the going concern basis unless it is inappropriole to presume that Ihe charllable company wlll continue in business, The Trustees are responsible lor keeping adequale accounting records Ihul disclose with reasonoble accurocy at any lime the financiol position of the chorilable company and enable th8m lo ensure that the linoncial statements comply with the Companies Acl 2W6. They are olso responsible lor soleguarding the ossets ol the charltable company ond the group and hence lor toking reasonable steps lor the prevention and detection of fraud and other irregularities. Statement ol dl$¢losure to the audltor So far as the Trustees are oware. there 15 no relevant audil infomiation of which Ihe charilable company's ouditor is unaware. Additionally, the Trusl8e5 have token all Ihe nece55Qry Steps that they ought lo have loken as Trustees in order lo moke themselves aware ol all relevonl oudit informalion and lo e5tabli5h that the charitable compony's auditor 15 aware ol thal informotlon. Audll Sayer Vincent LLP offer Ihemselve5 for reappointment as auditor. Blelchley Pork Trust Llmited and ils subsidiary undertoking Tru51ee5' Report and FirKJncial stotemenls lor the year ended 31 Dècèmber 2022 17 Trustees, Report (including Strategic Report) The Report ol the Trustees linclvding Ihe Slralegic Report) were approved by the Boord of Tru51ees lin their capacity as company direclorsl on 12 September 2023 and slgned on its b8hall by.. Slr Davld Brown Chalrman Dal•: 12 S•plembor 2023 letchley Pafk Trust Limited ond its subsidiary underloking Finoncial slotemenls lor the year ended 31 December 2022 18 Independent auditor's report to the members of Bletchley Park Trust Limited Opinlon We have audited th8 financial stotemenls of Bletchley Park Tru51 Limited (the 'parent charitoble company'l and its subsidiaries (the 'group'l for the year ended 31 December 2022 which comprise the consolidated slalemenl of financiol activities, the group ond parent chorilable company balance sheets, Ihe consolidated stolemenl of cosh flows ar)d the notes lo the financiol slalements, including a summary of signiticanl accounting policies. The finonciol reportino fromework that hos been applied in their preparation Is opplicoble law and Unlted Kingdom Accounting Standards, including FRS 102 The Financial Reporting Slandord applicoble in the UK and Republlc of Ireland (United Klngdom Generally Accepted Accounting Practice). In our opinion, the finoncial statement5.' Glve a true and folr view ol the State of the group's and ol the porenl chariloble company's affair5 as at 31 December 2022 and of the group'5 Incoming resources and application of resources, including its income and expenditure, lor the yeor then ended Hove been properly prepared in occoidance wilh United Kingdom Generally Accepted Accounling Praclice Have been prepared in accordonce wilh the requirements ol the Companies Act 2006 and the Charities Act 2011 Basls for oplnlon We conducted our audit in accordance with Inlernalional Standards on Auditing IUKI IISAS IUKII and oppllcable law. Our re5ponslbililies under those standord5 are further described in the Auditor's respor)sibilities for the audit of Ihe group ff nanciol stotemenls 59Ction ol our report. We ore independent ol the group ond parent charitable compony in accordonce wllh the elhlcol requirements Ihol are relevonl to our oudil ol Ihe financiol statemen15 in the UK, including the FRC'S Ethical Standord. and we have fullllled our other elhicol responsibilities in accordonce with these requirements. We believe that the audit evidence we have obloined is sullicient and oppropriale lo provide a basis for our opinion. Con¢luslons relatlng lo golng conc•rn In auditlng the flnanciol slalements, we have concluded that the Iruslees, use ol the going concern basis of accounling in Ihe preparation of the linanciol stotement5 1$ appropriate. Based on the work we have performed, we hove not identified any moteriol uncertainties relollng lo even15 or conditions that, individvally or colleclively, may cast significant doubl on Bletchley Park Trust Limlted's obilily to continue as a going concern for a period ot at least Iwelve months from when the linanciol statements are aulhorised for issue. Our responsibilities and the responsibilitie5 of the trustees with respect to going concem are described in the rel8vanl seclions ol this report. Bletchley Park Trust Limited and Its sub￿al￿ry vnderttsking Financial slalemenls lor the yeor ended 31 December 2022 19 Independent auditor's report to the members of Bletchley Park Trust Limited (continued) othei InformalFon The other informolion comprises Ihe information included In the trustees, annual reporl. including Ihe strategic reporl, olher than the group financial slalem8nls and our auditor's report Ihereon. The trustees are responsible for the other information contained wlthin the onnuol report. Our opinion on the group financial statements does not cover the other information, and, except lo the extent otherwise explicitly sloted in our report, we do nol express any form of ossvrance conclusion thereon. Our responsibility is lo read Ihe olher information and, in doing 50, conslder whelher the other information is materially inconsi51ent wilh the group financial statements or our knowledge obtained in the course ol the audit or otherwise appears lo be materially misslaled. If we identify such moleriol inconsislencies or opparenl material misstatements, we are required lo cletermlne whether Ihi5 gives rise to o materiol misstatement in the group financial slalements Ihemselve5.11, based on the work we have performed, we conclude thot there is a malerial misslolement ol this other inlormallon. we are required lo report that lacl. We have nothing to report in this regord. Oplnlons on oth•r mottors pr•s¢rfb•d by th• Componl•s Acl 2006 In our oplnlon. bosed on the work undertaken in the course ol the audit: The information given in the Iruslees, onnuol reporl, inclvding Ihe strategic report, for Ihe finoncial year lor which the financial statements are prepared 15 consislenl with the fSnancial statements The trustees. annual report, includlng the slroleglc report, has been prepared in accordance with applicable legal requirements M¢th•r$ on whlch w• ar• r•qvlr•d to r•port by excepllon In th8 light of the kno￿edge and understanding of the group and the porenl charitable compony and their environmenl oblained in the course ol the audit, we hove not identified material misslalements in the trustees, annuol report, including the strategic report. We have nothlng to report in respecl ol the following matter5 in relation to which the Componies Acl 2(X)6 ond Charitles Acl 2011 requires us lo report lo you if, in our opinion: Adequate occounling records have not been kepl by the parent chorilable company, or relvrns odeqvale for our oudil have not been received from branches not visited by us., or The parent charitabl8 company financiol stalements are nol in ogreemenl wth Ihe accounting records and relurns., or Certain disclosure5 of tiustee5' remuneration specified by law are nol made,. or We have not Teceived all the information ond explanolions we require lor our audil. Blelchley Pork Tiusl Limited and 115 subsidiary undertaking Inanciol slolement5 lor the year ended 31 December 2022 20 Independent auditor's report to the members of Bletchley Park Trust Limited (continued) Responsibllltles of Trv$toes As exploined more fully in the 5totemenl ol truslees, responslbilities set out in Ihe Irustee5' annual reporl, the trustees (who ore also Ihe directors ol the parent chariloble company for the purpose5 01 company lawl ore responsible for the preparation ol Ihe financiol statements ond for being sat15fied Ihat they give o true and fair view. and for such internal control os the trustees determine is nece550ry to enable the preparation of financial 51alements that are Iree from material mis51olemenl, whether due to fraud or error. In preporing the financial stalemenls, the trustee5 ore responsible lor ossessing the group's and Ihe porent chorilable company's ability to continue as a going concern, discloslng. as applicable. malters reloted to going concern and using the going concern basis ol accounting unless the trustees eilher intend lo liquidate the group or the parenl choritoble compony or to cease operations, or hove no reolistic altemotive but to do so. Audltor'$ r•sponslblllll•s for the audlt ol th• flnanclal statements We have been appointed oudilor under the Companies Acl 2006 and section 151 of the Charlles Act 2011 and reporl in accordance with those Acts. Our objeclives are lo obtoin rea50noble assurance oboul whether Ihe financSal statements 05 0 whole ore free from molerial misslalemenl. whether due lo fraud or e￿Or. and to issue an oudilor's report thol includes our opinion. Reosonoble 05surance is a high level ol assurance, but is not a guarontee thal an audit conducted in accordance with ISAS IUKI will always detocl a maleriol misslolement when it exists. Misslolement5 can orlse from fraud or error ond are considered maleriol if. individuolly or in the aggregole, they could reasonably be expected lo Influence the economic decisions ol users token on Ihe basis of these financial statements. lffegularilies, including Iravd, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl malerial misslolement5 in respect ol irregvlaTilies, including Iroud. The extent to whlch our procedure5 are capable of detecting irregularilies. including Iroud are sel out below. Capablllty of the audlt In detectlng Irr•gularltle$ In idenlilying and assessing risk5 of maleriol misslalemenl In respect ol irregularilies, includlng fraud and non-compliance wth lows and regulalions, our procedures included the following: We enquired of management and the Audit and Risk commillee. which included oblaining and reviewing supporting documentation, concerning Ihe group's policies and procedure5 relating lo.. Identifying, evalvotlng, and complying with lows and regulollons and whether they were awore ol any instonces of non-compliance., Delecting and responding to the risks of Iroud and whether they have knowledge of any oclual. suspected, or alleged traud-, The inlernol controls established lo miligale risks related to froud or non-complionce with Iow5 ond regulalions. We inspectsd Ihe minutes of meetings of those charged with governance. Bletchley Patk frust Limited and it5 subsidiary vndertoking Financial 5toloment5 for tho yeor ended 31 Decomber 2022 21 Independent auditor's report to the members of Bletchley Park Trust Limited (continued) We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations thal had a material effect on the linonciol slalemenls or that had o lundamentol effect on the operations of the group Irom our professional and sector experience. We communicated opplicable laws and regulations throughout the audit team and remained alert lo any indications of non-complionce throughout the oudit. We reviewed any reports mode lo reoulators. We reviewed the financial slatement d15closures and tested these lo supporting documentatSon to 055e5s compliance with opplicable lows ond regulations. We performed onalylical procedures lo idenlily any unusual or unexpected relationships that moy indicate rlsks ol malerial misstolement due lo fraud. In addressing Ihe risk ol fraud through monagement override ol controls, we tested the approprialeness of journal entries and other adjuslmenls, assessed whether the judgements mode in making accounting estimates are indicative of a potential bias and lesled significanl transactions Ihol ore unusual or Ihose outside Ihe normal course ol bu5in855. Because ol the inheronl limitolions of an audit, Ihere Is a risk that we will nol delecl all irregularili85, including those leading lo a materlal mis51alement in the financial statements or non-compliance wilh regulollon. This risk incr8a5es the more Ihal compliance with a law or regulation is removed from the event5 and transactions reflected in the linanciol stotemenls, as we will be less likely lo become awore ol instonces ol non-compliance. The risk is also greater regording irregularities occurring due lo fraud ralher Ihan error, as fraud involves intentional conceolmenl, forgery, colluslon. omission or misrepresenlalion, A further description ol our responsibilities is available on the Financial Reporting Council, web51t8 01.. This description forms port of our auditor's r8POrt. Us• ol our r•port This report is made 501ely lo the charitable company's membeTS as a body, in accordonce wth Chapter 3 01 Porl 16 of the Companies Act 2006 and s&ction 144 01 the Charitie5 Acl 201 l and regulalions made under section 154 of Ihot Act. Our audll work ha5 been underlakon so 1hal we might stole to the chorilcble company'5 members those molter5 we are required to state to them in an auditor's report and for no other purpose. To the fullesl extent permitted by law. we do not occept or a55ume rosponsibilily to anyone other than Ihe chariloble company ond the choriloble company's members as a body, lor our audit work, for thi5 repor*, or for the opinions we have formed. Jonathan Orchard (Senior Slatulory Audilorl 18 September 2023 for and on behalf of Sayer Vincent LLP, Stalulory Auditor Invicta House, 108-114 Golden Lane. LONDON, ECIY OTL Sayer Vincent is eligible lo acl as ouditor in lerms of section 1212 01 Ihe Companies Act 2CKI6. Bletchley Port Tru￿ Limited ond its subyrfiory undertaking Finonciol slolwmenls lor the ye(x ended 31 December 2022 22 Consolidated statement of financial activities (incorporating an income and expenditure account) Unresfrfcted lunds Reslticled funds Tolal Unrestricted Restricted 2022 funds funds Tolol 2021 Note Incomè from: Donations and legacies other trading activities Investment5 Charitable activities other Tolal income 716.796 2.097.838 48.033 3.944.786 4.599 0.812.052 3.605.728 4.322.524 2.097.838 48.033 3.944.786 4.599 3.605.728 10.417.780 2.099.235 1,064.275 938.520 3,037,755 1,064.275 2.279,986 63,472 5,S)6,973 2.279.986 63.472 6,445.493 939,520 Expendlture on: Roisirhg fund5 Costs ol generaling voluntary income Commerciol troding opefotions Charitable activities other Total expendllvre 317.379 841.350 5,157.137 163.610 6,479.476 317.379 841.350 7.680,221 163,610 9,002.560 274.081 533.155 4.582.549 118.554 5,508,339 274,081 533,155 6,157,816 118.554_ 7,083,606 2.523,084 1.575,267 2,523,084 1.575,267 Net Income 332.576 1.082.644 1.415.220 11.3661 1636.7471 1638.1131 Taxation (duel I credil (78.694) (78.694) 80,CX)O Transfers be￿een funds 21.22 1.505.024 (1.505.024) 412.746 1412.7461 Net mvemenl In funds 1.758.906 (422.380) 1.336.526 491,38A) 11,049,493) 1558.1131 Total funds brought f￿￿Ord at l January ￿22 Total funds cauied forward ot 31 December 2022 9.391,182 3,045.555 12.436.737 8.899.802 4.095.048 12,994.850 11.150.088 2.623.175 13.773.263 9.391.182 3.045,555 12,436,737 All income ond eWnd1t￿e derive from eontiwing octNtss. The occomponyfvJ notes Icwm on *￿e9r(l of Ihese frtsickl stoleffents. There are no olher recognised gains (xk)5se5 olher those stated (*K)Ye. ￿K)¥e￿I5 ￿ lund5 (we dEck)5ed in rK)te 22 Bletchlgy Pork Trust LSmiled ond its sub5idiory undertoking Finoncial statements for Ihe year ended 31 Decgmber 2022 23 Compony Reolslrtstion No. 2730618 Consolidated balance sheet Note 2022 2021 Rx•d assets Heritage assets Tangible as5etS 12 12 4,249,376 4,389,770 3,013,523 1,320.504 7.202,899 5,710,274 Curi•nl ai$•ts Slocks Debtors Cash at bank and in hand 16 17 169,767 143,2CX) 1.068,053 478,635 6,386,642 7,735,404 7,624,462 8.357,239 Llablllll•s Creditors.. omounls falling due within one yeor 18 1.114,098 1,630,776 N•t cuff•nt asi•h 6,510,364 6.726,463 Totol n•1 ass•t$ 13,773,263 12,436,737 Th• fundj ofth• charfty Restricted funds Unreslricled funds.. General funds Deslgnaled funds 2,623,175 3,045,555 22 23 2,698.388 2,352.107 8,451.700 7,039,075 13,773,263 12,436,737 The financial statement5 were approved and aulhorfsed for issue by the Boord ol Trustees on 12 September 2023. Slr Dovld Brown Chalrman Bletchley Park Trust Limitèd ond Its subsidiory vnderloking Flnonaol slotemen15 lor Ihs year ended 31 December 2022 24 Company Regi51ration No. 2730618 Charity balance sheet Nole 2022 2021 Flxed assets Heriloge 05set5 Tangible assats Investments 12 12 13 4,249.376 2.991,807 ioo 7,241,283 4,389,770 1,317,108 5,706.978 Curr•nt a5$ets Debtors Cash al bank and In hand 967.545 638,356 5,844,296 6,196,418 6,811,841 6,834,774 Llobllllles Creditors.. amounts falling due wilhln one year 18 (1.492,305) 1738,0061 N•t ¢vrr•nt ai$•ts ,319,536 6,096,768 Total n•1 ass•ts 12,560,819 11.803,746 Tho lunds of Ihe chqrlty Reslricled funds Unrestricted funds Designaled funds 21 22 23 2.623,175 3,045.555 1,465,944 1,719.116 ,451,71)0 7,039,075 12,560,819 11,803,746 The financial statements were approved and aulhorised for issue by Ihe Board ol Trustees on 12 September 2023. Slr Davld Brown Chalrman The occomponylng rK)te5 f(Ym on intewl FQrt of these finonciol statements. bletchley Park Trust Limited and its subsidioiy undertoking Financlal stotement5 for the year ended 31 Dec8mber 2022 25 Compony Registrolion No. 2730618 Consolidated statement of cash flows 2022 2021 Cash flow from op•rallng actlvltl•s Nel income / lexpenditurel before transfers Adjustmenls for: Depreciallon Decreasellincreaselin stocks Ilncreasel/decrease in debtors IDecreasellincreose in creditors Toxalion charge Ipaidl / credlt received N•1 cash gen•ral•d from op•rallng qctlvltlos 1,41 S,220 1638,1131 ,019,283 (26,567) (575.906) (516,678) (92.206) 1,223,146 823,566 50,782 89,950 12,2381 8,766 332,713 Cash Ilows from Inv•Jtlng a¢tlvttl•$ Purchases ol langible tlxed 0558ts Interesl received N•t cash oufflow from Inv•$tlng a¢tlvlll•s (2.571.908) 1830,6211 (2,571,908) 1830,6211 N•t (d•cr•oi•)Ilncr•ai• In ¢oih In Iho y•ar {1.348,762) 1497,9081 Cash atthe beglnnlng ol th• y•ar Cosh ot the end ol year 7.735.404 6,386,642 8,233,312 7,735,404 (D•cr•os•)Ilncrease In cash In tho y•ai 1$ altrlbulablo 10: Reslricled lunds Unrestricted funds (422.380) 11,049,493) (926,382) 551,585 (1,348,762) 1497,908 Th8 accomponyTng ctccounthg Follcles oThJ notes form on Integrol port ol these tinancKJl 5talem¢nls. Bletchley Potk Trust Limiled ond11s subsi¢Jiory undeiloking Financiol slalements lor the yeor en(Jed 31 December 2022 26 Notes to the financial statements Accovntlng pollclos l a) Slotutory Informatlon Bletchley Park Trust Limited is a choritable company Ilhe charity) limited by guorantee and hos no share copital. Each member'5 liobilily is limiled to £1. Its subsidiary. Bletchley Park Company Limiled is a company limited by shares. Bletchley Park Trust Limited 15 0 reglstered charily govemed by its articles ol association. Both companie5 are registered in England, with the registered office address of The Mansion, Bletchley Park, She￿ood Drive, Bletchley. Mllton Keynes, MK3 6EB, I b) Basli of pr•porotlon The finunciol statements have been prepared in occordonce with AccounlSng and Reporling by Charilies: Stotement of Recommended Praclice applicable lo charities preparing their occounls in accordance with the Financial Reporting Standard opplicablo in the UK and Republic of Ireland IFRS 1021 (Chorilies SORP FRS 1021, The Financial Reporting Slandord opplicable in the UK and RepLJblic ol Ireland IFRS 1021 and the Companies Act 2006. Bletchley Park Trust Limited meets the definition ol a public benefit entity under FRS 102. These financial slalemenls consolidole the resu115 of the charity and its wholly-owned sub51dSary Bletchley Pork Company Limited on a Ilne by line basis. Tronsaclion5 and balance5 between the charity and ils subsidiary hove been elSminated from the consolidated linancS0l statements. Bolonces between the two enlilies ore disclosed in the notes of the charity's balance sheet. A separate slotement ol financlal oclivities, or income and expendilure account, lor the charity Ilsell is not presented because Ihe charity has token advantage of the 8xemplions allorded by section 408 01 th8 Componies Acl 2CO6. A55ets ond liabilities ore Initially recognised al hisloricol cost or Ironsoclion value unless otherwise stated in the relevant accovntSng policy notes. In applying the fSnanciol reporting framework, the Iruslees have made o number o15ublective judgements, for exomple in respect ol signilicont accounling estimates. Eslimotes ond judgements or8 conlinuolly evaluated and are based on historical experience and other foclors, including expeclations ol lulure events that are believed lo be reasonable under the circumslonces. The nolure ol the eslimalion means the actual outcomes could differ from those eslimale5. Any sigrsiliconl eslimates and judgements ollecling these linanclal slatemenls ore deloiled wilhin the rel8vanl accounting policy below. 1 c) Publlc beneflt entity The charity meets the definition of a publlc benelit entity undor FRS 102. Id) Golng concern The Tru51ees have assessed whether the use of the going concem basls is appropriate and have considered p05s1ble events or conditions Ihat might cast 5ignificonl doubt on the ability of Ihe group to continue 05 0 going concern, for a period of at least one year from the dote of opprovol ol the financial 51olements. In porticular. the Trustees have considered the group's projection5 and cashflow forecast taking into account the impact of COVID-19 on visitor levels and the current pressures on rising costs. After making enquiries, the Trustee5 have a reasonable expectation that Ihe group has odequate resources lo continue in operalionol existence lor the foreseeable future. The group therefore continues lo adopt Ihe going concern basis in preparing its consolidated financial statement5. Bletchley Polk Trust Limittsd ond ils subsidiary vndeitoking Financial statements for Ihe yeor endecj 31 December 2022 27 Notes to the financial statements (continued) Accountlng pollcles (conHnved) le) Income Income is recognised when Ihe chority has enlillemenl to Ihe funds, any performance condilions atloched to the income hove been mel, it is probable Ihat Ihe income will be recelved and that the amount can be measured reliably. Admissions lo the museum lor the general public entille the visitor to free return admission lo the rnuseum over the next ￿e1ve months. Where a gill aid declorolion hos b8en made in respect of the admission paid Ihls Sncome, including the gift old recovered, is rellecled os museum income. Sponsorship Sncome Ss recognised in line wilh the progress ol Ihe works covered by the sponsorshSp activity. Income from government and other grants, whelher'capilal, grants or 'revenue' grants. is recognlsed when the chorSly has enlillement lo Ihe funds, any performonce conditions ottached lo the gronts have been mel,11 is probable that the income will b8 received and the amounl can be measur8d reliably ond is nol deferred. Incom8 received In advonce ol the provision of a specified service is deferred until the criteria IOT income recognlllon are mel. For legacie5, entitlement is token os Ihe eortier of the dote on which either: the company is owore thot probate ha5 been granted, the estate has been finalised and notification hos been made by the executorlsl lo the Trust Ihal o distribution wll bo made, or when a distribulion 15 roceived from the estole. Receipl ot a legacy, in whole or in parl, is only considered probable when the omount can be measured reliably ond the compony has been notified ol Ihe executor's intention lo make o distribution. Where legacies have been notified to the compony, or the company is awore ol the granting of probate, ond the criterio lor income recognition have not been met, Ihen the legacy is Ireated os a conlSngenl 055el and disc105ed il material. 11) Donatlons ol glfts, sotvl¢e$ and lacllltlès Donated prof8ssional services and donated facililles ore recognised as Income when the chority hos control over the item or received the service, any conditions associated with the donalion have been mel, the receipt ol economic benefit from the use by the charily of the item is probable and that economic b8nglil con be meosured reliably. In accordance with the Chorities SORP IFRS 1021. volunteer lime is nol recognised 50 refer to the Iruslees, onnuol report for rnore information about Iheir contribulion. On recelpl, donated gills. professional seNlces and donoled facilities are recognised on Ihe basis ol the value of the gift to Ihe charity which is the amount Ihe chority would have been willing lo pay to obtain services or facilities of equivalent economic benefit on the open morket.. o corresponding amount 15 then recognised in expenditure in the period of rec@ipl. I g) Interest recelvable Interest on funds held on deposil is included when receivoble and the amount can be meo5ured reliably by Ihe charity., thi5 15 normally upon notilicalion ol the interest paid or payable by the bank. Blgtchley Pork Tru51 Limited ond 115 5vb5idiory underlaking Finonciol stotemenls for the yeor ended 31 December 2022 Notes to the financial statements {continued) Accounling pollcles (continued) I h) Fund accountlng Reslricled lund5 arg lo be used for specific purpose5 as laid down by the donor. Expendlture which meets Ihese criterio is charged to Ihe furhd. Unreslricled funds are donalions and other Incoming resources received or generated lor the charitable purp05e5. Designoled funds are unrestricted funds earmorked by the trustees for particular purposes. I l) Exp•ndllure and Irr•coverabl• VAT Expenditure is r8cogni5ed once there is a legal or constructive obligation to make a payment lo a third party, it 5$ probable Ihat settlement will be requlred and the amount of the obligation con be measured reliobly. Expenditure is cla55ilied under the followlng activity headings- Costs ol raising funds relale lo the c0515 incurred by the charity in induclng Ihlrd partles to make voluntary conlrlbutions to it, as well as the c0510l ony activities wlh a lundroising purpose and costs of troding activity. Expenditure on charitable aclivities includes the cosls of running the museum undertaken lo further the purposes of the chorily and their ossocioled Support costs. Irrecoverable VAT is charged a5 a cost agolnsl the activlty forwhlch the expendilure was incurred. lj) AllocaHon of support costs Resources expended are ollocaled to Ihe porticulor aclivily where the cost relates directly to thol activity. However, the cosl ol overall direction and odminislration of each aclivlty, cornprlsing the Salary ond overhead cosls of the cenlrol lunclion, is apportioned on the following basis which are an e5timole, based on 51alf lime. of the amount oltributoble to each aclivlly. Where Informolion obout the olms, objectives and prolects of the charity is provided to potential beneficiaries, Ihe cosls associaled with thls publicity are allocoted lo charitable expenditure. Wher8 such inlomolion aboul the olms, objectives and projects ol the charity is also provided lo polentlal donors. activity cos15 are apporlion8d befvrfeen lundroising ond charttable activilie5 on the basis ot area ol lileralure occupièd by each oclivily. Governance cost5 are the cosls 0550cialed with the governance arrangement5 01 the charity. These costs are ossociated with constilulional ond stotvlory requirements and include any cost5 as50Ciated with the strategic management of the charity's activities. I k) Operatlng l•as•$ Leoses where the risk ond litle ol Ihe equipment remains wilh the lessor and the equipment is replaced before the end ol ils economic life are classified a5 operoting loos85. Renta15 receivable or payable under operating le05es are credited or charged lo income or expenditure on a 51raighl-line basis over the lease term. Blèlchley Pork Trust Limited and its subsidiary undertd(ing Financial slolemenls lor Ihe yeor endèd 31 December 2022 29 Notes to the financial statements (continued) Accountlng pollcles (conllnued) 11) Tangible fixed assets Items ol equipment ore capilali5ed where Ihe purchase price exceeds £2,OW. Depreciolion costs are ollocoled to aclivitie5 on the basis ol th8 use of the related assets in those oclivilie5. Asset5 are reviewed for impairment il circumstances indicale their carrying value may exceed their net reolisoble value and value in use. Major components are Ir8at8d os a separole osset where they have significontly diflerenl pallerns of consumption ol economic benefils and are deprecioled separately over Iheir useful life. Heriloge assets are th056 assets which have historic volue and ore held primorily for their contribution lo knowledge and culture. Museum artelacls are not depreciated bul are sublecl to imF)oirmenl review5 if they suffer physicol deterioration or doubts orise os to Iheir authenlicity. Depreciation Is calculated to wrfte down the cost less estimated reslduol volue of all langible flxed 05sels, olher than long leosehold lond, over Ihelr expected useful live5, Using the slralght-llne method. The rotes generally applicable are.. Heritage assets.. Leasehold buildings Restorotion of derelict buildings Improvemen15 lo lea58hold buildings Mu58um arlefocts Over the length of the lease Over 25 years Over 5 years No deprecio*ion other tangible assets.. Leasehold buildings and inlraslructure Short leosehold Fyoperty Fixtures and filting5 Plant and machinery., Major exhibillons Display coses Car park work5 and sofe other plant & mochinery Over 35 years Over the length of the lease Between 2 10 4 years Be￿een 310 6 years Over 4 or 6 year5 Over 10 years Over 4 yeors I m) Inv•51rn•rrt In 5ubsldlarles Inv&slmenls in subsidlarfes are occounted for at cost less Impalrment. I n) Stock5 Stocks ore stoted ot the lower of cost and nel reclisoble value. In general, c05115 determined on a lirsl in first out basi5 and includes transport ond handling costs. Net realisable value is the price al which Stocks con be sold In the normal course ol business after ollowSng for the c0515 01 realisotion. Provlsion is made where necessary tor obsolele, Slow moving and deleclive stocks. l 0) Deblors Trade and olher debtors are recognised al Ihe settlement amount due afler ony Irade discount offered. Prepayments ore valued at the amounl prepaid net of any trade discounts dv8. Ip) Cash at bank and In hand Cash al bank ond in hand includes cash and Short temi highly liquid investmenls wilh a short maturity of three months or less from the date of acquisition or opening of the dep051t or similar account. Bletchley Park Trust Limited ond115 5ub5idKJry undeilaking Financial 5totemenls lor Iha yeor ended 31 December 2022 30 Notes to the financial statements (continued) Accountlng policio$ (conlinv•d) 1q) Credltors and provlslons Credilors and provi5ion5 are recognised where the charlty has a present obligation resulling from a past evenl thot will probably result in the transfer of lund5 10 a third party and Ihe amount due to sellle the obligation can be measured or estimated reliobly. Creditors ond provisions are normally recognised at Ihelr settlement amounl after allowing for ony troda dlscounts due. Provlslon for Ilabllltles Provisions are recognised when the group has a present obligatior) {legal or constructivel a5 a re5uII ol a past event, it is probable thol the group wll be required lo sellle the obligation and a reosonable estimate can be made ol the omount of the obligolion. I r) Penslonj Employee b•n•flls Short-term employee benefits ond conlribulions to dellned contributlon plons ar6 recognis8d a5 an expense in th8 period in which they are incurred. Income from donatlons ond legocl•s 2022 2021 Unr•strlct•d R•strlcl•d Unrestricted Restricted Donolions and granls Coronavinjs Job Relenlion Scheme Cullure Recovery Fund Legacies Membership svbscriplions Sale ol donated goods 103,623 3.605,728 225.414 236,779 1,410,888 174,066 52,088 929.303 384,729 170,136 45,808 12,51)0 9,217 Amounts received In the year 716,796 3,605,728 2,099,235 938,520 Bletchley Park Trust Limited its subsidiory undertoking Flnonciol slatem8n15 lor Ihe year ended 31 December 2022 31 Notes to the financial statements (continued) Incom• fiom other tradlng octlvllles 2022 2021 Unr•strlcted Re5Mcted Unre51ricled Restricted Retoil Catering Spon50fship other 817,689 174.301 1,058,099 47,749 2,097.838 491,181 148,391 389,494 35,209 1,064,275 Investment Incom• 2022 2021 Unreslrlcted R•strlct•d Unreslrfcled Reslricled Olher Snteresl 48,033 48,033 Incom• from chorltabl• acllvlll•s 2022 2021 Urnr•sMcl•d R•strlcl•d Unrestricted R&slrfcled Museum Museum - donolions in lieu of odmisslons (including Gilt Aid) Properly renlals and charges othèr 1,847,802 985.110 1,581,654 109,488 405.842 3,944,786 1,079.337 105.270 110,269 2.27?.986 etchley Park Irust knmited arKI its 5ub5idiory undertoking Finondol 5tatement5 for the yeor ended 31 D8cembei %22 32 Notes to the financial statements (continued) Analysls ot expendlture Current yeai Fvn61 1.719.116 7.039,075 3,045,555 1738.(K)61 11,803,746 5.706,978 Ble1ch￿Y Pork frust Limiled ond its subsidiary undertaking Finonciol statemen15 lor the year ended 31 December 2022 42 Notes to the financial statements {continued} 21 Ro$hlct•d funds The group and charlty Opening lund5 l Jan 2022 Closlng funds 31 Dec 2022 Income Expenditure Transfers Ph￿e Idevelopment Phase 2 development Phoenix oppeal Ullra Outreach Programme Cyber Security Programme MEND other projects 34,903 2,570,731 76,562 91,555 149,010 34.903 2,041,961 76,562 36,466 i 00,000 198,803 421.554 121.463 23,898 133,6751 113,017 1,505,024) 3,605.728 12,523,084) ￿ 2,623,175 3,057,276 12,381,113) 11,204.9331 158,0891 150,2071 1300.0911 122,794 3,045,555 Mus•um d•velopm•nl- pha1• I Funds held for Ihe final works of the phose I INeplur)el development ol Ihe Museum, Includlng works to certoin code-breoking huts and Blocks used during Worfd War Two. Museum d•velopmenl- phas• 2 Funds raised lor the phase 2 (Overlord) development ol the Museum. Blocks A, E and Ihe Teleprinter Building Extension will b8 restored lo creole new exhibilion spaces, a collection centre and a leaming facility, os part ol the Tru51's long-standing ambition lo preserve and enhance Bletchley Park as a worfd-cla55 vSsilor otlroction. This will be the fir51 lime these buildings wll be open as part ol the heritage offer, giving a unique opportunity to shore more ol our untold stories and shed light on this crucial part ol British World War Two hislory. The reslricted fund includes received donations from organisalions including The Foyle Foundation. Post Office Fellowship of Remembrance, the Sidney E. Fronk Foundation, and the Thomas L. Kempner. Jr., Foundation. Inc. Pho•nlx app•al A fundraising campaign lo secure funds tor the restoration ot Huts I l and I l A used lo house Bombe mochines during World War Two. ultra Outr•a¢h Programm• Funding lo provide schools who meet certain criterfa with either o funded visit to Bletchley Park including a transport subsidy or a lully-funded Oulreoch visit, lo widen parlicipation and interest in STEM 5ubjecfs for stuéenls who may not otherwise have the chance to take port in enrichmenl activilies in these subjects. Re51ricled funds include support from The Eronda Rothschild Foundation, Goldman Sachs Gives and Ihe Richord Radcliffe Trust. Cybor Securlty Programme Funding from the IBM UK Trust to 5UPPOrt a cyber security leorning programme. Bletchley Park Trust Limited and its 5ub5idioiy undertaking Finonciol 51atgment5 lor Ihe year ended 31 December 2022 Notes to the financial statements (continued} 21 Restrlcted lunds (conllnued) MEND Funding from the DCMS/Art5 Council England's Museum E51ale and Development Fund IMENDI round I, to supporl the r@placement of Ihe aged HV equipment and cast iron water main. 0th8r projects A number of other projects. includlng funding for a number ol local octivitie5 and funding l¢y some Smaller specific learning or collections prolects, such as Ihe Oral History project. Tron8l•rs b•lwe•n lunds Transfers be￿een funds represenl transfers from restricted lund5 to designated funds in respect ol fi'xed ossels purchased from restricted fund donations where the ossel is held for a g6neral and not a re51ricled purpose. or oflsels between funds for the some purpose. Mov•rn•nt In r•$trtct•d lunds (prfor year) Opening funds l Jan 2021 Closlng lunds 31 Dec 2021 Income Expenditure Transfers Phose Idevelopment Phase 2 development Phoenix cppeal uitro Outreoch Programme Cyber Securlty Programme Culture Recovery Fund other projects 41,361 3,382,801 75,665 108,278 150,0(KI 210.639 126,304 4.095,048 16,4581 901,803 11,429,955) 1283,9181 897 118,7231 19901 9,217 191,0281 25,500 129,0101 122.794 938.520 3,045.555 1,575,267) 1412,746 34,903 2,570.731 76.562 91,555 149,010 2,C(JO 1128,8281 Bletchky Park Trusl Limil8d ancj ils subsidiary underloking Financiol statements lor the yeor ended 31 Dgcemb6r 2022 44 Notes to the financial statements (continued) 22 Unreslrlcted Ivnd$ Deslgnaled lunds Free r•s•ri• Cashfiow reserve Tolal 2022 Total 2021 Tho group As at l January 2022 Income Expenditure Taxolion Ichargellcredlt Transfer5 - designated Transfers - reslricled A5 at 31 December 2022 7,039,075 1,596,807 6.812,052 (6.479,476) (78,694) 397,699 755.300 9,391,182 8,899.802 6,812,052 5,506.973 (6.479,476) 15,508,339) (78.694) 80,000 {92.399) 1,505,024 8,451,700 (305,300) 1,505,024 450,000 11,150,088 412,746 9,391.182 2,248,388 Deslgnat•d funds Fre• r•serrfe Coshfiow r•$•rv• Total 2022 Tolal 2021 Th• charlty As ol l January 2021 Income Expenditure Gill aid payment of profil Toxotion credit Tran5fers- designated Tran51er5- restricted As at 31 December 2021 7,039,075 963,816 4,917,634 (5.939,227) 651.022 45.IXIQ 397,699 (305,300) 755,300 8,758,191 8,882,778 4,917,634 4,442,907 (5,939,227) 15,094,389) 651,022 34,149 45,1)00 80,￿0 (92.399) 1,505,024 8.451.700 1,505,024 9,937,644 412,746 8.758,191 1,035,944 450,OIXI Mov•m•nt In unr•$trlct•d lunds (prlor y•ar) D•slgnated funds Fr•e r•serve Cashflow r•Jerve Total 2021 Total 2020 The group As al l January 2021 Income Expendituie Taxolion credil Transfers- designated Transfers- reslricted As at 31 December 2021 7,444,020 1,455,782 4.751,673 {5,508.339) 80,000 817,691 8,899,802 10,196.657 5,506,973 4,608,512 {5.508,339) 15,977,114) 80,000 32,083 755.31x1 (817.691 } 412,746 7,039.075 412,746 9,391,182 39,664 8,899,802 1,596.807 755,300 Bletchley Park TIv5t timited ond its subsidiory undertaking Finonciol stolem8nfs lor Ihe yeor ended 31 December 2022 45 Notes to the financial statements (continued) 22 Unrestrlcted lunds (conllnved) Movement In vnreshlcl•d lund$ (prior year) {contlnu•d) Deslgnatod lunds Flee reserve Cashflow reserv• Total 2021 Total 2020 Tho charlty As at l Januory 2021 Income Expendilure Glfl aid payment ol profit Taxation credit Transfers- designated Transfers- reslricled A5 Qt 31 December ￿2] 7.444,020 1,438,758 3,687,607 (5,094,389) 34.149 80,000 617,691 8,882,778 9,730,703 4,442,907 4,194,469 (5.094.389) 15,600.2891 34,149 486,148 80,000 32,083 755,300 (817,491) 412.746 7,039.075 412,746 8,758,191 39,664 8.882,778 963,816 755,300 Subsequent lo Ihe year end, o gSfl-oided donalion will be made from the Iroding subsidiary, Bletchley Park Company Limited. lo the charity to the volue to £677.27212021: £652,720), 23 D•ilgnat•d lunds Tranifen - vnreslrlcled lundi Transfers- reslrlcted Asal fund$ 31 D•c 2022 Asal l Jan 2022 Tangible fixed assets Project Overlord fund Fac8book salary fund 5,709,075 1,190,000 140.000 7,039.075 47.601 1,505,024 7.261,71)0 1,190,01)0 140,000 92,39? 1,505,024 8,451,700 Tongible fixed assets relate to oll tanglble fixed assets held not lor a reslrlcled purpos8. The Proj6ct Overlord fund Is sel 05ide to support the costs of Ihe phase 2 restorotion of Blocks A. E and the Teleprinter Building Extension. Port of this fund has been released lo cover certain costs borne by the Trust. The remoining fund 15 earmarked lo provide lurth8r crucial motch-funding for the project il the Trustees determine there is no further need lor this fund lo support the Trust through the COVID-19 pandemic. The Facebook salary fund w05 sel aside lo lund the salary costs of 7 roles saved from redundancy by the donation from Facebook. This fund wa5 be offset against solory costs evenly over 24 months from November 2020 to October 2022. Bletchley Park Trust Limiled ond its 5ubgi(fiory underlaknng Finonciol 51otemen15 for the year ended 31 December 2022 46 Notes to the financial statements (continued) 23 D•$lgnated fvnds (contlnu•d) Movement In deslgnated lund$ (prfor year) TransfeTS- unro$lrlcted funds Transfers - rèstrlcted funds Asat l Jan 2021 31 0•c 2021 Tangible fixed assets Project Overlord fund Facebook salary fund Facebook operolional fund 5,702,020 1,3CK),000 308,000 134,000 7.444,020 1405,6911 I I10,(JJ)I 1168.cml 134,C(X) 817,6911 412,746 5,709,075 1.190,000 140.000 412,746 7,039,075 24 Conllngent Ilabllllles The charity has on unlimited cross guarantee with Bletchley Pork Company Llmited, in lavour of HSBC Bank. 25 Leaslng commllmenli The groL)p's lutvr& mlnlmum operating lease payments are as fellows: 2022 2021 Group Chorlty Group Charity Within one year Belween one and five years After more than live years 45,230 121.317 45,230 121.317 72.921 39,496 72,921 39,496 166,547 166,547 12,417 112,417 Operatlng l•ase commltments r•c•lvable as a l•$$or Amounts receivable by group under non-cancelloble operaling leoses are os lollows.. 2021 2022 Group ChaTIty Group Charity Within one year Belween one ond live years After more thon live years 75,000 300,000 375.000 750.000 75,000 300.000 77,167 o,c()o 450,LX)O 827,167 77.167 300.1JX) 450,CK)O 827,167 750.0fy) Ble1ch￿Y Pork Trust Limlted ond it5 subsirfiory undertaking Financiol stot8men15 lor the yeoi ended 31 Decernber 2022 47 Notes to the financial statements (continued) 26 Capllal commllments Copilol commitments contracted bul not provided for in the financial statements amount lo £3.175,22312021: £1.290.5321. These relate to the Overlord Project which is being lund8d from externol source5. 27 Flnanclal rfsk managem•nl Th& group has one main area of financial risk- liquidity risk. LlquldFty rlsk The obleclive ol the group in managing liquidity risk is lo ensure Ihat il can meet Its financial obligations as and when they fall due. The group expect5 to meet its financial obligations through op8roling cash flows. The group's Ilquidity Ss regulatly revlewed and a rninimum level of free reserves idenlified. 11 il becomes lik8ly thol the minimum level of free reserves will be needed lo supporl short-lerm liquidily needs. further oclion would be token to reduce oulgoings and idenlify allernative courses ol action to remedy liquidity risk5.