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2023-12-31-accounts

Trustees’ Report (Including Strategic Report)

ANNUAL REPORT & ACCOUNTS 2023

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

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CONTENTS Page
Strategic Report 10
Financial Review 26
Structure, Governance and Management 36
Independent Auditor’s Report 40
Financial Statements 44

Trustees’ Report (Including Strategic Report)

CHAIR’S FOREWORD

It is with great pleasure that I write the foreword to this review of Bletchley Park Trust’s work in the past year.

2023 was a milestone year for the Trust, with the culmination and delivery of its latest major project, that of the refurbishment and repurposing of wartime Blocks A and E into new galleries, a new collection centre, and a new learning centre and a 250-seat auditorium. It was also a year of seizing important opportunities that presented themselves, the most demanding and strategically rewarding of which was hosting the UK Government’s first AI Safety Summit, allowing Bletchley Park to make history once again, this time by taking centre stage in the global debate on artificial intelligence.

The Trust continues to operate as an independent museum and charity with a stable business model, notwithstanding the continuing need to carefully manage the ongoing consequences of the financial impact of the pandemic. Encouragingly, whilst recovery and growth have not been at the desired pace, the Trust’s performance and financial projections are on track and, on the whole, the rebuilding of audiences and income are in line with plans.

Each year my role presents me with ample opportunities to meet many of the Trust’s staff, volunteers, and others who work with the Trust to turn its plans into reality, and 2023 was no exception. Always I am struck by their deep knowledge, energy, integrity and infectious enthusiasm for what Bletchley Park Trust does. They are the heart of Bletchley Park. Without them, 2023 would not have been such a positive year for the Trust, and the Board of Trustees would not be charting the Trust’s future in such a pleasingly confident manner.

The ultimate accountability for the governance of the Bletchley Park Trust lies with the Board of Trustees. It therefore behoves the Board of Trustees to ensure that its own effectiveness is reviewed annually, and that periodically the annual review is externally-facilitated. An externally-facilitated Board Effectiveness Review was due and was conducted in 2023. As is hoped always to be the case, the review provided a valuable opportunity for reflection and helpful learnings which the Board of Trustees will use to continue to fulfil its role to the very best of its ability.

On behalf of the Trustees, I would like to thank everyone who has helped the Trust during the last year, including supporters for their generosity, all the staff and volunteers for their ongoing dedication and commitment, and the many visitors, whether returning or new. Your support has been essential in realising the Trust’s ambitious capital programme and in planning impactful activities for the years ahead.

Sir David Brown

Chair, Bletchley Park Trust

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Trustees’ Report (Including Strategic Report)

CEO’S INTRODUCTION

Following some difficult years, 2023 saw visitors returning in increasing numbers and the ever-popular learning programme continuing to attract and engage learners from all over the country, and beyond.

Bletchley Park continues to be an inspiring hub of activity. Every year the Trust aims to improve the quality of the offer and make strides in delivering its Site Masterplan. 2023 was no exception. It was with great dedication and hard work that, despite the disruption and challenges of Covid-19, the Bletchley Park team planned for and delivered the final element to the Blocks A and E project, opening the new Learning Centre in June 2023 and the new Fellowship Auditorium in September. The completion of these spaces will allow further growth in the learning and public programmes and provide opportunities to engage wider audiences with the Bletchley Park story through academic, community and commercial events and venue hire.

The annual 1940s Weekend took place at the end of September, and welcomed more than 3,000 visitors over the two days, and the Vintage Christmas Grotto was fully booked. The quality of the visitor experience was endorsed with the receiving of two national awards, as well as retaining quality accreditation from VisitEngland.

The site was closed for nine days in late October-early November as it acted as the host venue for the world’s first AI Safety Summit. The UK government’s desire to host this summit at Bletchley Park celebrates the important work that took place here during World War Two and the impact of this work on current technological advancements. The global media platform created at the Summit provided a valuable opportunity to ensure Bletchley Park is not only celebrated for its past, but recognised as a first-class heritage site and authority on the codebreaking intelligence work that took place here.

I must highlight the exceptional work of the entire team over the year, amidst difficult times and ongoing financial pressures, to deliver not only core business but major capital projects. The public engagement team continues to deliver an outstanding visitor and learning experience, safeguarding and sharing the Trust’s collections and stories. The support services and development teams look after the site and ensure the vital support and planning functions meet the various needs of the business. I thank all the staff and volunteers for their dedication, perseverance, and passion.

To conclude, the year finished more positively than anticipated with performance above budget, which enabled a modest surplus to be banked and some vital staffing gaps to be filled. This in turn has enabled the Trust to enter 2024 with a very much more positive mindset.

Iain Standen

CEO, Bletchley Park Trust

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Trustees’ Report (Including Strategic Report)

PURPOSE AND ACTIVITIES

Bletchley Park is a vibrant heritage attraction and museum, open daily to visitors. It was the home of British World War Two codebreaking; a place where technological innovation and human endeavour came together to make ground-breaking achievements that have helped shape the world we live in today.

This unique site was previously a vast Victorian estate, of which parts, including the Mansion, still survive. During World War Two, the Government Code & Cypher School (now known as the Government Communications Headquarters or GCHQ) was based at Bletchley Park. In this period Huts and Blocks were built to accommodate codebreaking activity.

The operation at Bletchley Park grew from a small team of specialists to a vast intelligence factory of thousands of dedicated women and men. This extraordinary combination of brilliant and determined people and cutting-edge technology contributed significantly to Allied victory. In tough conditions, they provided vital intelligence and developed pioneering technological innovation that had a direct and profound influence on the outcome of the war.

Bletchley Park and its legacy is an important part of history. with the stories and achievements of the people who worked here continuing to be relevant to today.

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Bletchley Park will be recognised and acknowledged worldwide for the achievements that took place here in World War Two, and how and why these remain relevant today.

To attract, engage and educate people from all over the world in order to inspire them with Bletchley Park’s crucial role in World War Two.

As set out in the Trust’s Articles of Association (as updated on 11 June 2019), the objects (‘Objects’) for which the Trust is established are to advance the education of the public, to conserve the historic World War Two site at Bletchley Park and to advance the arts, culture, heritage, and science.

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STRATEGIC FRAMEWORK

The Trust has six high level strategic goals to enable delivery of the Trust’s Vision:

  1. To complete the preservation and enhancement of the iconic and historic buildings, and estate, of Bletchley Park.

  2. To maximise the Bletchley Park offer by creating informative, engaging, enjoyable and educational experiences that highlight its story and explain its relevance to today.

  3. To be a recognised authority on Bletchley Park history, and the guardians of its collections.

  4. To be a cultural leader, locally and nationally, that promotes and champions best practice within the culture and heritage sector.

  5. To maximise the financial resilience, organisational efficiency, and long-term sustainability of the organisation.

  6. To be the best it can in how it leads, manages, and invests in its people.

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PUBLIC BENEFIT AND IMPACT

In shaping its aims, plans and activities, the Trust has regard for the Charity Commission’s guidance on public benefit. The most significant benefits to the public that the Trust delivers are:

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ACHIEVEMENTS AND PERFORMANCE

In 2023 the Trust was able to deliver against its strategic goals as follows:

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TO COMPLETE THE PRESERVATION AND ENHANCEMENT OF THE ICONIC AND HISTORIC BUILDINGS, AND ESTATE, OF BLETCHLEY PARK.

Since 1992, the Trust has been working to preserve Bletchley Park’s 25-acre site, restore its historic buildings, and bring them into public use.

2023 saw the completion of a major project to refurbish Block E. The building has now been transformed into a learning centre whilst retaining a 1940s aesthetic. With eight purpose-designed and accessible learning spaces, it is now a welcoming and inspiring facility for learners of all ages and backgrounds. This additional space will allow the Trust to expand its learning programme from 30,000 learners a year to 50,000 by 2026, and to focus proactively on engaging local learning groups and those learners who may face barriers to engagement with heritage and STEM.

The Block E Learning Centre is complemented by the new 250-seat Fellowship Auditorium, enabling the Trust to welcome larger learning groups, enhance its public programming, and host a greater range of academic, community, and corporate events.

The Bletchley Park Trust was grateful to receive a major grant from the Towns’ Fund for this project. The Trust would like to thank the local Town Deal Board, Milton Keynes City Council, and the Department of Levelling Up, Housing & Communities for facilitating this grant.

The Trust would also like to thank the Post Office Fellowship of Remembrance – in whose honour the Fellowship Auditorium is named; the Thomas L. Kempner Jr., Foundation Inc; Foyle Foundation; Garfield Weston Foundation, Milton Keynes Community Foundation; Wolfson Foundation; Dr Edmund O. Schweitzer III and Mrs Beatriz Schweitzer, and the many other individuals, companies, trusts and foundations who made this project possible.

2023 also saw the replacement of a corroded cast iron water main, three of the Trust’s aged HV transformers, and other electrical infrastructure. These works were supported through a grant from the DCMS Museum Estate and Development Fund (MEND) and have minimised the risk of infrastructure failure, reduced repair and maintenance costs, and improved efficiency.

Other enhancement works took place during the year, including the cleaning and repair of the stonework on the Mansion’s façade and some internal decoration and the resurfacing of some roads. A post-war prefabricated building alongside the Mansion was demolished and removed due to its unsafe status.

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TO MAXIMISE THE BLETCHLEY PARK OFFER BY CREATING INFORMATIVE, ENGAGING, ENJOYABLE AND EDUCATIONAL EXPERIENCES THAT HIGHLIGHT ITS STORY AND EXPLAIN ITS RELEVANCE TO TODAY.

The Bletchley Park Trust welcomed 197,881 visitors to the site, excluding learning visitors, in 2023 despite being closed to the public for nine days in November for the AI Safety Summit. This compares favourably to 2022, when 187,711 people visited.

Visitors continued to engage enthusiastically with the exhibitions and displays on site, including D-Day: Interception, Intelligence, Invasion (opened in 2019 and sponsored by BT), Early Days (opened in 2021 and supported by the Cultural Recovery Fund), The Intelligence Factory (opened in 2022 and sponsored by BAE Systems) and the temporary exhibition The Art of Data .

In 2023, Bletchley Park Trust won ‘Shop of the Year’ at the annual Museums + Heritage Awards, ‘Large Visitor Attraction’ at the Beautiful South Awards, and both the ‘Arts and Culture’ and ‘Business of the Year’ awards at the Milton Keynes Business Achievements Awards in early 2024.

The Trust continued to participate in Heritage Open Days, welcoming 3,972 people for free between 8 and 17 September. Meanwhile, residents living within a 10-mile radius of Bletchley Park receive half-price admission – more than 7,300 local people visited in 2023 through this scheme, representing approximately 5% of total visitors.

2023’s vibrant programme of public events included a 1940s Weekend, the annual Vintage Christmas Grotto, outdoor theatre, a summer concert series, and family activities during the school holidays, and aims to attract new and existing audiences.

Bletchley Park’s learning programme uses the Bletchley Park story as a springboard for learners of all ages to engage with STEM, and to explore the connections between the work of the Codebreakers and contemporary themes such as cybersecurity and AI.

In 2023, the Trust welcomed 35,093 learning participants, along with 4,420 teachers, to Bletchley Park – the highest number of learners engaged in a single year to date. Meanwhile, the learning team worked with a further 10,351 learners in schools, other settings and online.

The quality of the Trust’s learning offer was recognised at the School Travel Awards 2023, where the Trust received the award for ‘Best Heritage Venue’, and at the MK Education Awards 2023, where the Trust received the ‘STEM Award’.

‘Just a huge thank you from the staff, children and parents for a fantastic day! The entire class left beaming and inspired by the visit. One of our children commented that she had never been to a museum before and never wanted to leave!’

Primary School Teacher

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TO BE A RECOGNISED AUTHORITY ON BLETCHLEY PARK HISTORY, AND THE GUARDIANS OF ITS COLLECTIONS.

The Trust’s collection includes more than 450,000 loaned or deposited items, including documents, photographs, 3D objects, ephemera, and oral histories from Bletchley Park Veterans. Bletchley Park’s Collection Centre ensures that the collection is stored safely and securely, whilst also enabling access for researchers.

During 2023, the collection continued to grow, primarily because of donations from Veterans and their families. New items accessioned to the collection in 2023 included Admiral Hugh Sinclair’s orders and medals (now on display in Block C Visitor Centre), photo albums, handwritten and typewritten scripts for performances by the Bletchley Park Drama Group, and rare Y Service message logs.

With the support of volunteers, the Trust continues to digitise collection items and to enhance the quality of its catalogue.

Three working Enigma machines currently form part of the Trust’s handling collection, enabling learners and other groups to gain a practical understanding of the machines and their operations. In February 2023, one of these machines was demonstrated for HM King Charles III on a visit to Milton Keynes.

Bletchley Park’s Research Historian Dr David Kenyon and Research Assistant Dr Thomas Cheetham continue to undertake research projects for the benefit of the Trust and its audiences. Dr Kenyon’s latest book, Arctic Convoys: Bletchley Park and the War for the Seas was published by the Yale University Press in October 2023.

The Trust celebrated the opening of the Fellowship Auditorium in Autumn 2023 with an inaugural lecture and panel discussion, generously supported by Dr Edmund O. Schweitzer III and Mrs Beatriz Schweitzer. The event – for an invited audience – focused on the special relationship between the UK and US, a relationship forged via a secret meeting at Bletchley Park in February 1941.

The Trust continues to share stories and research through its monthly podcast. In 2023, the podcast received 109,144 downloads (totalling 1,427,707 since its inception) and featured topics ranging from the Diplomatic Section to the Italian Campaign 1943-44, the Invasion of Sicily to the Annual Veteran’s Reunion 2023.

‘Kenyon uses new findings from Bletchley to retell the story of the naval battles that took place in the Arctic Ocean between 1941 and 1945 - a small but critical element of the larger Battle of the Atlantic.’ Daniel Brooks, The Telegraph

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ACHIEVEMENTS AND PERFORMANCE

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TO BE A CULTURAL LEADER, LOCALLY AND NATIONALLY, THAT PROMOTES AND CHAMPIONS BEST PRACTICE WITHIN THE CULTURE AND HERITAGE SECTOR.

The world’s first AI Safety Summit took place at Bletchley Park on 1 and 2 November 2023. The event was attended by 28 leaders from across the world, including Prime Minster Rishi Sunak, US Vice President Kamala Harris, and Ursula von der Leyen, President of the European Commission. They were joined by representatives from leading technology companies, non-profits, and academia. The Summit resulted in the signing of the Bletchley Declaration.

During the Summit, Bletchley Park was referenced in nearly 200 print articles and more than 5,500 web articles. Publications included The Times of London, The Guardian, The Financial Times, Daily Mirror, Daily Mail, New York Times, Washington Post, Time, and Forbes.

Bletchley Park received more than 4,000 mentions across radio and television. News teams from the BBC, ITV, Sky, CNN, Al Jazeera, and other international broadcasters were on site throughout the summit.

BBC Radio 4’s flagship ‘Today’ programme broadcast live from Alan Turing’s office in Hut 8 during the Summit. Meanwhile, a feature on the BBC’s ‘Breakfast’ programme covered Bletchley Park’s historic links to the development of AI and concluded with reflections from Betty Webb, a Bletchley Park veteran who celebrated her 100th birthday in 2023.

The Summit highlighted Bletchley Park’s enduring cultural relevance to an international audience. By hosting the Summit, Bletchley Park Trust was able to acknowledge and celebrate the work of the World War Two Codebreakers, by connecting their wartime innovations to today’s rapidly advancing technology. It also shone a light on Milton Keynes as a city of culture, innovation and technology, and a relevant place to debate the future of Artificial Intelligence.

The Trust was shortlisted for the ‘Partnership of the Year’ award at the 2024 Museums + Heritage Awards for its work to host this prestigious and globally significant event, in partnership with His Majesty’s Government.

The Trust is a member of the Association of Leading Visitor Attractions, the Association of Independent Museums, the Museums Association and the Association for Cultural Enterprises. More locally, the Trust works closely with Milton Keynes City Council, Destination MK, MK Islamic Arts and Culture, Milton Keynes Business Leaders, and Milton Keynes College.

‘No country can do this alone, which is why we will be welcoming governments, academics, civil society groups and businesses to Bletchley Park to build a shared understanding of the risks while discussing how we can develop and use AI safely and responsibly so that it changes lives for the better.’

Technology Secretary, Michelle Donelan, said of the risks of AI ahead of the Summit

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Picture by Kirsty O’Connor / No 10 Downing Street

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ACHIEVEMENTS AND PERFORMANCE

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TO MAXIMISE THE FINANCIAL RESILIENCE, ORGANISATIONAL EFFICIENCY AND LONG-TERM SUSTAINABILITY OF THE ORGANISATION.

The completion of the Block E Learning Centre and Fellowship Auditorium in 2023 marks the end of a multi-year, £13m campaign to bring three important wartime buildings into public use for the first time. The project has provided a significant enhancement to the Trust’s gallery space, facilitating the creation of new permanent and temporary exhibitions and extending the visitor offer. It has also enabled the creation of a Collection Centre, ensuring that the Trust’s collection can be kept in a single safe and secure location and made more accessible to researchers of all kinds. The final element – a new Learning Centre – will further the Trust’s educational mission and enable the learning programme to expand to meet demand. All three elements of the project will have a positive impact upon Bletchley Park’s long-term sustainability and will play a part in generating income for the Trust.

The increase in visitor levels during 2023 enabled the Trust to increase spending in areas where budgets had been constrained, particularly around site works and exhibition maintenance. The Trust was also able to create several new staff roles to rebuild its workforce following the pandemic. These investments are focused on improving the visitor experience and ensuring the site’s resilience.

The Trust has focused attention on improving systems and processes to meet the needs of visitors and the growing learning programme. The Trust is pleased to have received pro-bono support for this activity through JP Morgan’s Tech for Good programme during 2023 and to have reached the second round of Bloomberg Philanthropies’ Digital Accelerator programme, granted funding in 2024.

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TO BE THE BEST WE CAN IN HOW WE LEAD, MANAGE, AND INVEST IN OUR PEOPLE.

The Trust aims to build a culture where staff and volunteers feel engaged with Bletchley Park and valued for their contributions. 2023 saw recruitment to vacant posts and the creation of several new roles. This has enhanced capacity in 2024 and enabled much work paused during the past four years to recommence.

Staff engagement activities were a focus during the year and, alongside the regular staff and volunteer meetings and new joiner welcomes, the Trust held a number of social activities for the team, including Wellbeing Week and Volunteers’ week activities, and Christmas events. The Trust is also continuing and growing its training programme to provide opportunities for our team at all levels for role-related skills and personal development.

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Trustees’ Report (Including Strategic Report)

SUPPORTERS

The Bletchley Park Trust is grateful to the following generous supporters:

Public Arts Council England
Funders Department for Digital Culture, Media and Sport
Milton Keynes City Council
The Towns’ Fund
Trusts and The Bernard Sunley Foundation The Medlock Charitable Trust
Foundations The Charles Hayward Foundation MK Community Foundation
Cecil Pilkington Charitable Trust P T Fenwick Charitable Settlement
FCC Communities Foundation Post Ofce Remembrance Fellowship
Garfeld Weston Foundation Richard Radclife Trust
IBM UK Trust Syder Foundation
The John Coates Charitable Trust The Thomas L. Kempner Jr., Foundation Inc
Kirby Laing Foundation Wolfson Foundation
MacRobert Trust
Corporate BAE Systems Humanware Europe Ltd
Sponsors Bloomberg Node 4
BT Nuvola
Cyberlens PQ Shield Ltd
Equate Group Santander
ESET
Individuals James L. Joslin Betty Lily Simes
Dr Edmund O. Schweitzer III and Keith and Jane Sykes
Mrs Beatriz Schweitzer

The Friends of the Bletchley Park Trust

and other supporters who wish to remain anonymous

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FINANCIAL REVIEW

2023 finished positively financially for the Trust. Visitor numbers exceeded budget, resulting in increased income. The Park was closed to visitors for nine days due to hosting the AI Safety Summit. The Trust earned a venue hire fee from the organisers of the AI Safety Summit, which compensated for lost income. Additionally, the Trust has benefited from certain repair and refreshment works around the site that were funded by the organisers.

The Trust provided a large element of match-funding for the Blocks A and E restoration project with £1.28m spent from its own funds towards this project in 2023, the majority of this expenditure covered by the Overlord designated fund set aside for this purpose. The Trust also funded certain additional works around the new learning centre and auditorium that were outside the scope of the project, such as landscaping works and additional furniture and equipment, totalling c.£110k.

The Trust finished the year with an unrestricted deficit after depreciation of £490,771. This resulted in an improved financial position than the Trust anticipated at the start of the year and allowed the creation of two designated funds to support future site maintenance and exhibition refreshment needs, providing financial resilience into 2024/5.

Movements on restricted funds reflect the activity around the Blocks A and E project, with funds received and held in previous years being spent on the project costs during 2023.

The results of our retail and catering operations, along with sponsorship and corporate membership activity undertaken by the trading subsidiary, Bletchley Park Company Limited, resulted in a surplus in the trading subsidiary of £224,736 in 2023. This surplus will be donated to the Trust in 2024.

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PLANS FOR FUTURE PERIODS

Having completed and opened the new Block E Learning Centre and the Fellowship Auditorium, 2024 will see a focus on growing the use of these buildings, working with more and different groups and stakeholders. A monthly lecture programme is being created, along with a number of conferences and panel talks, expanding the reach of the Bletchley Park story, developing partnerships and prompting research.

The Trust is proud to participate in Bloomberg Philanthropies’ Digital Accelerator for Arts and Culture, which supports arts organisations through strategic improvements to technology infrastructure. During 2024, the Trust will review and refresh its CRM and ticketing solution to improve customer interactions and engagement, particularly streamlining digital touchpoints. Alongside this, a review of business processes will be undertaken to improve efficiency and data interpretation. This will be a two-year programme of works.

In the medium term, the Trust is planning the site maintenance and exhibition refreshment requirements for the next five years, to ensure the visitor offer remains high-quality, and the interpretation of content uses a variety of styles, from artefacts and panels to films and interactives, and caters for varied knowledge depth.

2024 will see scoping work for a refreshment of the visitor flow, content and exhibitions in both Block B Museum and Block C Visitor Centre, to improve the accessibility in and around both buildings for visitors. The two buildings are being considered together, as the content development of one impacts the other. 2024 into 2025 will also see the development and delivery of a new AI themed exhibition to replace The Art of Data in the temporary exhibition spur in Block A, which is being funded by the Department of Science, Innovation and Technology, the organisers of the AI Safety Summit.

The continued priority for the Trust remains to grow visitor numbers, and further develop plans for the completion of the Site Masterplan.

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Trustees’ Report (Including Strategic Report)

FUNDRAISING ACTIVITY

The Trust currently has a dedicated Development team of four. This team is responsible for the fundraising activities of the Trust, with appropriate oversight by Trustees. The team has the strategic objective to sustain and build the Trust’s income to meet capital and revenue needs in line with the long-term strategy of the Trust. They keep abreast of, and comply with, fundraising legislation and best practice. They ensure that the wider Bletchley Park staff, trustees, and volunteers are aware of their responsibilities in relation to fundraising activity.

The Trust does not use external fundraisers or commercial participators and does not undertake telephone campaigns.

The fundraising focus is on developing relationships with statutory funders, charitable trusts and foundations, corporate organisations, and individuals. The Trust encourages donations, both ad-hoc and for specific appeals through on site donation boxes, leaflets, and posters; through general print and online communications; and via social media posts.

The Trust is grateful to all its supporters and sponsors. The Trust has not received any complaints regarding its fundraising practices.

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RESERVES POLICY

In accordance with Charity Commission guidance, the Trust monitors the level of funds it holds in unrestricted reserves, both general and designated. Unrestricted general reserves are calculated as net funds less restricted funds, fixed assets, and other designated funds.

These unrestricted general funds represent:

FREE RESERVES

Currently the Trustees have determined that the optimum level of free reserves that the Trust would like to retain to support the Trust through a crisis whilst alternative or future options are explored is that likely to be required to cover three to four months’ annual operational expenditure. At the end of 2023, this optimum has been determined at circa £1,800,000. The Trust is pleased to report that its free reserves were maintained, and the 2023 financial statements show free reserves for the group (comprising the Trust and Bletchley Park Company Limited) of £2,212,331 at the year-end (2022: £2,248,388). During 2024 the Board has designated £400,000 of free reserves to a site development reserve to set aside funds to support anticipated site development works

UNRESTRICTED CASHFLOW RESERVE

The Trust also maintains a cashflow reserve to support its typical cash outflow months, October to March. This reserve is accumulated from surpluses earned through summer months, and then utilised over the winter months, before being replenished again over the summer. The level of fund required is determined from cashflow forecast each winter. At 31 December 2023, this requirement was £356,974 (2022: £450,000).

As part of its longer-term plans, the Trust also sets aside designated reserves for a number of purposes. Details of the designated funds can be found in note 23. At the end of 2023, designated funds totalled £9,992,862 (2022: £8,451,700).

Restricted funds comprise funds committed for specific purposes under terms set out by the donors and funders. At 31 December 2023 these totalled £845,403 (2022: £2,623,175).

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Visit from Bletchley Park Trust’s Patron, HRH Duke of Kent, in July 2023 Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

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PRINCIPAL RISKS AND UNCERTAINTIES

The Board of Trustees maintains a number of risk registers to record and monitor the major risks to which the Trust is exposed, as follows:

BOARD STRATEGIC RISK REGISTER. This includes strategic risks (those matters that have the potential to have a strategic impact on the Trust).

STANDING RISK REGISTER. This includes standing and routine items such as fire, health and safety, theft etc., that are already managed as issues, and that are already subject to an internal compliance regime.

PROJECT RISK REGISTER. This is project-specific and includes those risks that have potential to have a significant impact on the progress of the project.

These risk registers are updated, maintained and monitored by the Directors’ Executive.

The Trust Board reviews and considers the Strategic Risk Register at each Board meeting and the Standing Risk Register once a year. The Trust Board is updated on Project Risks at each Board meeting as appropriate.

The Audit Committee reviews and considers the Strategic Risk Register and Standing Risk Register at each Committee meeting. It monitors the effectiveness of risk management and reports to the Trust Board at least annually on the risk management framework.

The Trust Board maintains and annually reviews a Risk Appetite Statement, which sets out the extent to which the Trust is prepared to accept the risks associated with the actions the Trust plans to take. The Trust Board assesses its priorities and plans with regard to its risk appetite.

The current areas of major potential risks to the Trust remain those of financial resilience and constraints on future development.

FINANCIAL RESILIENCE

In common with other heritage attractions, visitor numbers remain much lower than pre-pandemic resulting in a significant decline in income from visitors over the subsequent years. Whilst 2023 ended with an unrestricted operational surplus before depreciation, compared to the unrestricted operational deficit budgeted before depreciation, these additional funds have already been committed to rebuilding capacity within teams and delivering necessary maintenance and refreshment that had previously been delayed. 2023 saw a 10% increase in visitor levels over 2022, and the Trust anticipates this growth will continue into 2024. This growth will help support the rising cost base, allowing the necessary activity to ensure the offer remains a first-class experience for those who visit, and means the Trust is budgeting to achieve a small surplus in 2024.

Whilst there remains uncertainty around visitor levels, particularly in light of the current economic uncertainty, the Trust will continue to monitor visitor confidence and economic forecasts to enable it to manage any variations from these forecasts.

CONSTRAINTS ON FUTURE DEVELOPMENT

In the past decade, the Trust has delivered significant improvements to the Bletchley Park site and museum offer. This includes the recently completed Blocks A and E project, which brought three major wartime buildings into public use. These projects are typically funded through philanthropic support from individuals, trusts, foundations and statutory funders, and, in the case of exhibitions, through corporate sponsorship. The Trust may also contribute its own resources, particularly during the initial development phase of such projects or as a matched funder.

Whilst much has been achieved to date, there still remain a number of buildings that need renovation, restoration or stabilisation; exhibitions and displays that need to be refreshed; and areas of the external landscape that require improvement.

The current funding landscape remains challenging. Trusts, foundations and statutory funders continue to see unprecedented demand at a time when investment income is also constrained. Meanwhile, the Trust’s current financial forecasts limit the Trust’s ability to set aside significant funds to partially fund, or match-fund such projects.

The Trust is reviewing its site Masterplan during 2024 and 2025, to identify and prioritise future developments with consideration of current visitor demands and expectations. The aim will be to produce robust propositions for prospective funders, underpinned by evidence of demand and impact. Alongside this, the Trust will continue to deepen relationships with existing supporters and to continue to undertake research to identify new sources of support. Until visitor numbers reach pre-pandemic levels, the Trust’s ability to contribute to future development will remain constrained.

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REFERENCE AND ADMINISTRATIVE DETAILS

Bletchley Park Trust Limited is a company limited by guarantee and is a registered charity governed by its Memorandum and Articles of Association. For the purposes of charity law the trustees are the directors of the charity and throughout this report are collectively referred to as Trustees.

Company registration number: 2730618
Charity registration number: 1012743
Registered ofce: The Mansion
Bletchley Park
Bletchley
Milton Keynes
MK3 6EB
Trust Board: Sir David Brown (Chair)
Professor Liz Bacon
Ms Zahra Bardai
Mrs Jane Bleach
Professor Tilly Blyth
Mr Jon Card (retired 9 March 2023)
Mr Daniel Chamings (appointed 19 February 2024)
Dr Claire Feehily (appointed 19 February 2024)
Sir Jeremy Fleming (appointed 19 February 2024)
Mr Robert Hannigan
Mr Charles Macdonald
Professor Andrew Martin
Mr Hywel Mathias
Audit Committee: Mrs Jane Bleach (Chair)
Ms Zahra Bardai
Sir David Brown (appointed 7 February 2023, retired 5 March 2024)
Mr Jon Card (retired 9 March 2023)
Mr Daniel Chamings (appointed 19 February 2024)
Mr Charles Macdonald
Nominations Committee: Mr Charles Macdonald (Chair) (appointed Chair 9 April 2024)
Sir David Brown (Chair) (retired as Chair 9 April 2024)
Professor Liz Bacon
Ms Zahra Bardai
Mrs Jane Bleach
Professor Tilly Blyth
Mr Jon Card (retired 9 March 2023)
Mr Daniel Chamings (appointed 19 February 2024)
Dr Claire Feehily (appointed 19 February 2024)
Sir Jeremy Fleming (appointed 19 February 2024)
Mr Robert Hannigan
Professor Andrew Martin
Mr Hywel Mathias

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REFERENCE AND ADMINISTRATIVE DETAIL

Trustees’ Report (Including Strategic Report)

Remuneration Committee: Professor Liz Bacon (Chair)
Sir David Brown
Professor Tilly Blyth
Professor Andrew Martin
Executive: Mr Iain Standen, Chief Executive Ofcer
Mrs Jennifer Milton, Director of Support Services
(and Company Secretary)
Ms Sarah Harwood, Director of Development
Ms Rebecca Foy, Director of Public Engagement
Bankers: HSBC Bank Plc
207 Queensway
Bletchley
Bucks, MK2 2EE
Barclays Bank Plc
1 Churchill Place
London, E14 5HP
Solicitor: Shoosmiths LLP
7th foor
100 Avebury Boulevard
Milton Keynes
MK9 1FH
Auditor: Sayer Vincent LLP
Registered Auditor
110 Golden Lane
London, EC1Y 0TG

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STRUCTURE, GOVERNANCE AND MANAGEMENT

GOVERNING DOCUMENT

Bletchley Park Trust Limited (the “Trust”) was established in 1992 as a company limited by guarantee and does not have a share capital. It is a registered charity governed by its Articles of Association as adopted on 10 July 2014 and amended on 11 June 2019.

The Trustees of the Trust are both the directors of the Trust and the members of the Trust. The Board of Trustees may choose whether to hold an Annual General Meeting of the Trust. The Trustees may call a general meeting at any time.

In the event of the Trust winding up, each member of the Trust undertakes to contribute an amount not exceeding £1. Upon the winding-up or dissolution of the Trust all remaining assets shall be given or transferred to some other charitable institution having objects similar to the Trust, in accordance with charity rules.

ORGANISATIONAL STRUCTURE

The management of the business and control of the Trust is vested in the Board of Trustees, as directors of the Trust. The Board delegates certain powers within stated terms of reference to Committees. The Board is responsible for ensuring the delivery of the Trust’s objects, setting the strategic direction, and upholding the values of the Trust. It meets formally four times per year and holds an annual strategy day.

During 2023 there were three Committees:

The Board delegates the day-to-day management of the Trust to the Directors’ Executive comprising the Chief Executive Officer, the Director of Public Engagement, the Director of Development, and the Director of Support Services. The Directors’ Executive meets formally once a month and reports to the Trustees following these meetings.

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TRUSTEE APPOINTMENT AND TRAINING

The Board of Trustees comprises not less than five and not more than twenty members. The greater of one third of the members or four Trustees forms a quorum.

A Trustee serves a term of four years from the date of appointment, unless a shorter fixed term is set by the Board, or he/she ceases to be a Trustee. A Trustee may be considered for reappointment for a second term of four years. A Trustee may, in exceptional circumstances, be reappointed for a further term of no more than four years.

The Nominations Committee reviews and determines the membership of the Board by reference to the Trustee Skills Matrix and its Trustee role description. The Committee identifies and nominates candidates for appointment to the Board. Candidates are recruited from direct approaches, recommendations and referrals and advertisements as appropriate.

Potential new Trustees meet with members of the Nominations Committee and the Chief Executive Officer for a tour of Bletchley Park and a discussion of the specific role requirements. The Committee nominates suitable candidates to the Board and Board members have the opportunity to meet candidates. Trustees are appointed by the Trust Board.

Following appointment, all Trustees are issued with a Trustee Pack. Appropriate documentation and guidance is provided regarding roles, responsibilities, and the governance structure of the Trust. Meetings are arranged with key personnel at the Trust.

The Trust periodically briefs and updates Trustees on good governance and changes in current legislation, alongside other updates. Other training is available from external providers as appropriate.

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TRUSTEE ATTENDANCE AT BOARD MEETINGS

The table below sets out the record of attendance for Trustees and the Chief Executive Officer, at Board meetings during 2023. Trustees also attend various Committee meetings each year.

2023 attendance Trust Board
attendance		 Committee attendance Committee attendance Committee attendance
NC RC AC
Sir David Brown 6/6 2/2 2/2 6/6
Professor Liz Bacon 6/6 2/2 2/2
Ms Zahra Bardai 5/6 1/2 4/6
Mrs Jane Bleach 6/6 2/2 6/6
Professor TillyBlyth 5/6 2/2 2/2
Mr Jon Card(retired 9 March 2023) 1/1 1/1
Mr Robert Hannigan 5/6 2/2
Mr Charles Macdonald 3/6 1/2 4/6
Professor Andrew Martin 6/6 2/2 2/2
Mr Hywel Mathias 5/6 1/2
Mr Iain Standen(CEO) 6/6 2/2 2/2 5/6

NC – Nominations Committee

RC– Remuneration Committee

AC – Audit Committee

TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS

No Trustee receives remuneration or other benefit from their work with the Trust. Details of Trustee expenses and related party expenses are disclosed in notes 8 and 10 to the financial statements respectively. If the Trust enters into a transaction with a Trustee, a company in which a Trustee has an interest, or with any person connected with a Trustee, this must be disclosed in full to the Trust Board and the Trustee concerned is excluded from voting on any discussions regarding that transaction.

The Trust maintains a register of Trustee interests which is updated on an annual basis, and during the year as appropriate. The Trust pays for indemnity insurance for the Trustees.

The Trust has 100% ownership and control of its trading subsidiary, Bletchley Park Company Limited. This subsidiary carries out the commercial activities of the Trust.

KEY MANAGEMENT PERSONNEL REMUNERATION

The pay of each member of the Directors’ Executive is reviewed annually by the Remuneration Committee having regard to appropriate benchmarks, both locally and within the museum sector.

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TRUSTEES’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS

The Trustees (who are also directors of Bletchley Park Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees (including the Strategic Report) 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 state of affairs of the charitable company and the group (comprising the charitable company, Bletchley Park Trust Limited, and its trading subsidiary, Bletchley Park Company Limited) and of the income and expenditure of the group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT OF DISCLOSURE TO THE AUDITOR

So far as the Trustees are aware, there is no relevant audit information of which the charitable company’s auditor is unaware. Additionally, the Trustees have taken all the necessary steps that they ought to have taken as Trustees in order to make themselves aware of all relevant audit information and to establish that the charitable company’s auditor is aware of that information.

AUDITOR

Sayer Vincent LLP offer themselves for reappointment as auditor.

The Report of the Trustees (including the Strategic Report) was approved by the Board of Trustees (in their capacity as company directors) on 11 June 2024 and signed on its behalf by:

Sir David Brown

Chairman Date: 11 June 2024

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Auditor’s Report

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BLETCHLEY PARK TRUST LIMITED

OPINION

We have audited the financial statements of Bletchley Park Trust Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2023 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements:

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 Auditor’s responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities 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.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees’ use of the going concern 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 Bletchley Park Trust Limited’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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INDEPENDENT AUDITOR’S REPORT

Auditor’s Report

OTHER INFORMATION

The other information comprises the information included in the trustees’ annual report, including the strategic report, other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group financial statements themselves. If, based on the work we have performed, 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.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report, including the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

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Auditor’s Report

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent 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 such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 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 if, 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 are set out below.

CAPABILITY OF THE AUDIT IN DETECTING IRREGULARITIES

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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Auditor’s Report

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditors responsibilities. This description forms part of our auditor’s report.

USE OF OUR REPORT

This report is made solely to the charitable company’s members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Orchard (Senior Statutory Auditor)

for and on behalf of Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent is eligible to act as auditor in terms of section 1212 of the Companies Act 2006.

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Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account)

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----- Start of picture text -----
UNRESTRICTED RESTRICTED UNRESTRICTED RESTRICTED
NOTE TOTAL 2023 TOTAL 2022
FUNDS FUNDS FUNDS FUNDS
£ £ £ £ £ £
Income from:
Donations and Legacies 2 300,894 2,045,595 2,346,489 716,796 3,605,728 4,322,524
Other trading activities 3 1,191,063 - 1,191,063 2,097,838 - 2,097,838
Investments 4 65,700 - 65,700 48,033 - 48,033
Charitable activities 5 4,761,712 - 4,761,712 3,944,786 - 3,944,786
Other 4,324 - 4,324 4,599 - 4,599
TOTAL INCOME 6,323,693 2,045,595 8,369,288 6,812,052 3,605,728 10,417,780
Expenditure on:
Raising Funds
Costs of generating voluntary income 278,490 - 278,490 317,379 - 317,379
Commercial trading operations 1,075,884 - 1,075,884 841,350 - 841,350
Charitable activities 5,294,072 1,920,517 7,214,589 5,157,137 2,523,084 7,680,221
Other 166,018 - 166,018 163,610 - 163,610
TOTAL EXPENDITURE 6 6,814,464 1,920,517 8,734,981 6,479,476 2,523,084 9,002,560
NET (EXPENDITURE) / INCOME 7 (490,771) 125,078 (365,693) 332,576 1,082,644 1,415,220
Taxation (due) / credit 11 - - - (78,694) - (78,694)
Transfers between funds 21,22 1,902,850 (1,902,850) - 1,505,024 (1,505,024) -
NET MOVEMENT IN FUNDS 1,412,079 (1,777,772) (365,693) 1,758,906 (422,380) 1,336,526
Total funds brought forward at
11,150,088 2,623,175 13,773,263 9,391,182 3,045,555 12,436,737
1 January 2023
Total funds carried forward at
12,562,167 845,403 13,407,570 11,150,088 2,623,175 13,773,263
31 December 2023
----- End of picture text -----

All income and expenditure derive from continuing activities. The accompanying notes form an integral part of these financial statements.

There are no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 22.

44

Financial statements for the year ended 31 December 2023 Company Registration No. 2730618

CONSOLIDATED BALANCE SHEET

----- Start of picture text -----
NOTE 2023 2022
£ £
Fixed Assets
Heritage assets 12 4,038,339 4,249,376
Tangible assets 12 5,454,524 3,013,523
9,492,863 7,262,899
Current Assets
Stocks 16 202,121 169,767
Debtors 17 588,561 1,068,053
Cash at bank and in hand 4,191,052 6,386,642
4,981,734 7,624,462
Liabilities
Creditors:
18 (1,067,027) (1,114,098)
amounts falling due within one year
NET CURRENT ASSETS 3,914,707 6,510,364
TOTAL NET ASSETS 13,407,570 13,773,263
The funds of the charity
Restricted funds 21 845,403 2,623,175
Unrestricted funds:
General funds 22 2,569,305 2,698,388
Designated funds 23 9,992,862 8,451,700
13,407,570 13,773,263
----- End of picture text -----

The accompanying notes form an integral part of these financial statements.

The financial statements were approved and authorised for issue by the Board of Trustees on 11 June 2024.

Sir David Brown Chairman

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Financial statements for the year ended 31 December 2023 Company Registration No. 2730618

CHARITY BALANCE SHEET

----- Start of picture text -----
NOTE 2023 2022
£ £
Fixed Assets
Heritage assets 12 4,038,339 4,249,376
Tangible assets 12 5,438,896 2,991,807
Investments 13 100 100
9,477,335 7,241,283
Current Assets
Debtors 17 582,857 967,545
Cash at bank and in hand 3,600,054 5,844,296
4,182,911 6,811,841
Liabilities
Creditors:
18 (1,012,585) (1,492,305)
amounts falling due within one year
NET CURRENT ASSETS 3,170,326 5,319,536
TOTAL NET ASSETS 12,647,661 12,560,819
The funds of the charity
Restricted funds 21 845,403 2,623,175
Unrestricted funds 22 1,809,396 1,485,944
Designated funds 23 9,992,862 8,451,700
12,647,661 12,560,819
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The accompanying notes form an integral part of these financial statements.

The financial statements were approved and authorised for issue by the Board of Trustees on 11 June 2024.

Sir David Brown Chairman

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Financial statements for the year ended 31 December 2023

CONSOLIDATED STATEMENT OF CASH FLOWS

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2023 2022
£ £
Cash flow from operating activities
Net (expenditure)/ income before transfers (365,693) 1,415,220
Adjustments for:
Depreciation 1,070,817 1,019,283
(Increase)in stocks (32,354) (26,567)
Decrease/ (increase)in debtors 391,529 (575,906)
(Decrease) in creditors (47,071) (516,678)
Taxation credit received / (charge paid) 87,963 (92,206)
Net cash generated from operating activities 1,105,191 1,223,146
Cash flows from investing activities
Purchases of tangible fixed assets (3,300,781) (2,571,908)
Interest received - -
Net cash outflow from investing activities (3,300,781) (2,571,908)
Net (decrease) in cash in the year (2,195,590) (1,348,762)
Cash at the beginning of the year 6,386,642 7,735,404
Cash at the end of the year 4,191,052 6,386,642
(Decrease) in cash in the year is attributable to:
Restricted funds (1,777,772) (422,380)
Unrestricted funds (417,818) (926,382)
(2,195,590) (1,348,762)
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The accompanying accounting policies and notes form an integral part of these financial statements.

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47

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

1 ACCOUNTING POLICIES

1a) Statutory information

Bletchley Park Trust Limited is a charitable company (the charity) limited by guarantee and has no share capital. Each member’s liability is limited to £1. Its subsidiary, Bletchley Park Company Limited is a company limited by shares. Bletchley Park Trust Limited is a registered charity governed by its articles of association.

Both companies are registered in England, with the registered office address of The Mansion, Bletchley Park, Sherwood Drive, Bletchley, Milton Keynes, MK3 6EB.

1b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Bletchley Park Trust Limited meets the definition of a public benefit entity under FRS 102.

These financial statements consolidate the results of the charity and its wholly-owned subsidiary Bletchley Park Company Limited on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes of the charity’s balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

1c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

1d) Going concern

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the group to continue as a going concern, for a period of at least one year from the date of approval of the financial statements. In particular, the Trustees have considered the group’s projections and cashflow forecast taking into account the impact of COVID-19 on visitor levels and the current pressures on rising costs.

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

48

Financial statements for the year ended 31 December 2023

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Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023 DPS. Foe EM Fo 49 SD
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Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

After making enquiries, the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

1e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Admissions to the museum for the general public entitle the visitor to free return admission to the museum over the next twelve months. Where a gift aid declaration has been made in respect of the admission paid this income, including the gift aid recovered, is reflected as museum income.

Sponsorship income is recognised in line with the progress of the works covered by the sponsorship activity.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

1f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

1g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

50

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

1h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

1i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

1k) Operating leases

Leases where the risk and title of the equipment remains with the lessor and the equipment is replaced before the end of its economic life are classified as operating leases. Rentals receivable or payable under operating leases are credited or charged to income or expenditure on a straight-line basis over the lease term.

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

51

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

1l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £5,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over their useful life.

Heritage assets are those assets which have historic value and are held primarily for their contribution to knowledge and culture. Museum artefacts are not depreciated but are subject to impairment reviews if they suffer physical deterioration or doubts arise as to their authenticity.

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than long leasehold land, over their expected useful lives, using the straight-line method. The rates generally applicable are:

Heritage assets:

Leasehold buildings Restoration of derelict buildings Improvements to leasehold buildings Museum artefacts

Over the length of the lease Over 25 years Over 5 years No depreciation

Other tangible assets:

Leasehold buildings and infrastructure Short leasehold property Fixtures and fittings Plant and machinery:

Over 35 years Over the length of the lease Between 2 to 4 years

Major exhibitions Between 3 to 6 years Display cases Over 4 or 6 years Car park works and safe Over 10 years Other plant & machinery Over 4 years

1m) Investment in subsidiaries

Investments in subsidiaries are accounted for at cost less impairment.

1n) Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving and defective stocks.

1o) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

52

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

1p) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1q) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Provision for liabilities

Provisions are recognised when the group has a present obligation {legal or constructive) as a result of a past event, it is probable that the group will be required to settle the obligation and a reasonable estimate can be made of the amount of the obligation.

1r) Pensions

Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

2 INCOME FROM DONATIONS AND LEGACIES

----- Start of picture text -----
2023 2022
UNRESTRICTED RESTRICTED UNRESTRICTED RESTRICTED
£ £ £ £
Donations and grants 179,797 2,045,595 103,623 3,605,728
Culture Recovery Fund - - 384,729 -
- -
Legacies 73,049 170,136
Membership 48,048 - 45,808 -
subscriptions
- - -
Sale of donated goods 12,500
AMOUNTS RECEIVED
IN THE YEAR 300,894 2,045,595 716,796 3,605,728
----- End of picture text -----

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

53

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

3 INCOME FROM OTHER TRADING ACTIVITIES

----- Start of picture text -----
2023 2022
UNRESTRICTED RESTRICTED UNRESTRICTED RESTRICTED
£ £ £ £
Retail 898,243 - 817,689 -
- -
Catering 114,511 174,301
Sponsorship and - -
160,205 1,058,099
membership
Other 18,104 - 47,749 -
1,191,063 - 2,097,838 -
----- End of picture text -----

4 INVESTMENT INCOME

----- Start of picture text -----
2023 2022
UNRESTRICTED RESTRICTED UNRESTRICTED RESTRICTED
£ £ £ £
Other interest 65,700 - 48,033 -
65,700 - 48,033 -
----- End of picture text -----

5 INCOME FROM CHARITABLE ACTIVITIES

----- Start of picture text -----
2023 2022
UNRESTRICTED RESTRICTED UNRESTRICTED RESTRICTED
£ £ £ £
Museum 2,188,003 - 1,847,802 -
Museum – donations
in lieu of admissions
- -
1,517,200 1,581,654
(including Gift Aid)
Property rentals - -
574,812 109,488
and charges
Other 481,697 - 405,842 -
- -
4,761,712 3,944,786
----- End of picture text -----

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

54

Financial statements for the year ended 31 December 2023

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023 ETERSee atesI AeTEAneee RaperOR t e = eetee at fh\ I i \ Les } | F

55

NOTES TO THE FINANCIAL STATEMENTS

Financial statements for the year ended 31 December 2023

6 ANALYSIS OF EXPENDITURE

----- Start of picture text -----
FUNDRAISING TRADING MUSEUM OTHER UNRESTRICTED RESTRICTED
CURRENT YEAR 2023 ToTal 2022 ToTal
COSTS COSTS COSTS COSTS TOTAL MUSEUM
£ £ £ £ £ £ £ £
Unrestricted funds
Staff costs 178,196 363,258 2,213,483 - 2,754,937 81,838 2,836,775 2,570,324
Direct costs 14,148 440,242 460,890 - 915,280 153,077 1,068,357 1,090,399
Support costs
Legal and professional 15,082 7,914 87,916 - 110,912 123,216 234,128 479,141
Other admin 48,196 95,352 597,673 - 741,221 - 741,221 685,452
Depreciation and amortisation 8,432 46,550 1,015,837 - 1,070,819 - 1,070,819 1,019,283
Establishment costs 14,436 122,568 918,273 - 1,055,277 1,562,386 2,617,663 2,994,351
Irrecoverable VAT - - - 166,018 166,018 - 166,018 163,610
2023 Totals 278,490 1,075,884 5,294,072 166,018 6,814,464 1,920,517 8,734,981 9,002,560
2022 Totals 317,379 841,350 5,157,137 163,610 6,479,476 2,523,084 9,002,560
----- End of picture text -----

Analysis of governance costs included within Museum costs:

----- Start of picture text -----
2023 2022
£ £
Trustee expenses and other costs 2,033 2,627
Meeting costs 1,610 1,061
Legal and professional fees 14,400 26
Trustee recruitment 13,511 -
Audit and accountancy charges 32,655 25,800
64,209 29,514
----- End of picture text -----

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

56

NOTES TO THE FINANCIAL STATEMENTS

Financial statements for the year ended 31 December 2023

6 ANALYSIS OF EXPENDITURE (continued)

----- Start of picture text -----
FUNDRAISING TRADING MUSEUM OTHER UNRESTRICTED RESTRICTED
PRIOR YEAR 2022 ToTal 2021 ToTal
COSTS COSTS COSTS COSTS TOTAL MUSEUM
£ £ £ £ £ £ £ £
Unrestricted funds
Staff costs 229,674 289,896 1,939,297 - 2,458,867 111,457 2,570,324 2,238,218
Direct costs 13,368 386,554 479,555 - 879,477 210,922 1,090,399 652,433
Support costs
Legal and professional 9,745 14,381 341,697 - 365,823 113,318 479,141 711,011
Other admin 47,118 75,772 562,562 - 685,452 - 685,452 538,391
Depreciation and amortisation 6,190 14,597 998,496 - 1,019,283 - 1,019,283 820,270
Establishment costs 11,284 60,150 835,530 - 906,964 2,087,387 2,994,351 2,004,729
Irrecoverable VAT - - - 163,610 163,610 - 163,610 118,554
2022 Totals 317,379 841,350 5,157,137 163,610 6,479,476 2,523,084 9,002,560 7,083,606
2021 Totals 274,081 533,155 4,582,549 118,554 5,508,339 1,575,267 7,083,606
----- End of picture text -----

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

57

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

7 NET INCOME/EXPENDITURE FOR THE YEAR

This is stated after charging/(crediting):

----- Start of picture text -----
2023 2022
£ £
Auditor’s remuneration:
Audit services – current year 23,380 22,460
Non-audit services 10,495 3,340
Depreciation:
Heritage assets 211,037 202,888
Other tangible fixed assets 859,780 816,395
Operating lease rentals receivable 75,000 78,235
Operating lease rentals payable:
Property 4,000 4,000
Other 46,933 56,007
----- End of picture text -----

Staff costs during the year were as follows:

----- Start of picture text -----
2023 2022
£ £
Wages and salaries 2,436,338 2,204,873
Social security costs 215,046 200,536
Employer’s pension contributions 185,391 164,915
2,836,775 2,570,324
----- End of picture text -----

The following number of employees received employee benefits (excluding employer pension costs and employer’s national insurance) during the year:

2023 2022
No. No.
In the range of £60,000 to £69,999 2 3
In the range of £70,000 to £79,999 2 1
In the range of £110,000 to £120,000 1 1

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

58

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

Key management personnel include the Chief Executive Officer and the members of the Directors’ Executive reporting to the Chief Executive Officer. The total employee benefits (including pension contributions and employer’s national insurance) of the key management personnel were £411,487 (2022: £401,983).

The Trustees received no remuneration or benefits in kind during the year. Travel expenses were reimbursed during the year to 1 (2022: 2) Trustee totalling £1,537 (2022: £1,108).

9 STAFF NUMBERS

The average number of employees (head count based on number of staff employed) during the year was 91 (2022: 90).

10 RELATED PARTY TRANSACTIONS

The Trust owns the whole of the issued share capital of Bletchley Park Company Limited. During the year, the charity charged the subsidiary £354,019 (2022: £209,763) as a management charge in respect of space used and other services provided and the subsidiary donated its profits, through Gift Aid, of £677,272 (2022: £651,022). At the year end the charity owed the subsidiary £16,353 (2022: £549,819).

There were no donations or Friends memberships from Trustees outside of the normal course of business.

11 TAXATION

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity’s trading subsidiary Bletchley Park Company Limited generally distributes under Gift Aid its taxable profits to the parent charity.

The charge to corporation tax in the year was:

----- Start of picture text -----
2023 2022
£ £
(a) Analysis of charge in period:
Current tax
- -
UK corporation tax on profits of the period
Under provision in prior year in -
(123,694)
Bletchley Park Company
Taxation credit in Bletchley Park Trust - 45,000
Total corporation tax recognised in statement -
of financial activities (78,694)
----- End of picture text -----

Taxation credit relates to a tax credit under the Museums and Galleries Tax Relief for the year to 31 December 2022.

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

59

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

12 TANGIBLE FIXED ASSETS

Heritage Assets

----- Start of picture text -----
Long leasehold
GROUP AND CHARITY Museum Artefacts Total
property
£ £ £
Cost
At 1 January 2023 5,327,492 559,904 5,887,396
Additions - - -
At 31 December 2023 5,327,492 559,904 5,887,396
Depreciation
-
At 1 January 2023 1,638,020 1,638,020
-
Provided in the year 211,037 211,037
At 31 December 2023 1,849,057 - 1,849,057
Net book value at
3,478,435 559,904 4,038,339
31 December 2023
Net book value at
3,689,472 559,904 4,249,376
31 December 2022
----- End of picture text -----

Heritage assets represent the following heritage assets:

Long leasehold property

This is the Bletchley Park site and represents:

The Trust recognises that the Bletchley Park site is a unique site and a site of historic significance. It is held by the Trust for its contribution to knowledge and culture. The site is recognised as a designated heritage asset by Historic England and most of the buildings are protected by a Grade II listing.

On acquisition of the lease, a number of buildings were in a derelict condition. Initially the Trust undertook minor repairs and restoration of buildings which were acquired in a habitable state. The costs of these works have been treated as expenditure in the years it was incurred, and continues to be so. In recent years, the Trust has restored a number of key buildings around the site that were derelict, and the costs of these building works (including any associated infrastructure works and fixture and fitting improvements / replacements but excluding any professional fees and external landscaping works) have been capitalised. These works are depreciated over 25 years as this is felt to represent the long-term benefit of these works to those buildings.

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

60

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

All renovation and restoration works ensure buildings are returned to their World War II condition, focussing on reusing original materials wherever possible and do not enhance the buildings, other than as directed by Building Control and agreed with Historic England. The Trust has in place an ongoing maintenance plan to ensure that periodic works are performed to all buildings on site, subject to those buildings that are leased to tenants with tenant-repairing requirements, to ensure those buildings remain in good condition and do not deteriorate further.

Museum artefacts

Certain museum artefacts have been acquired by the Trust for use as museum artefacts and for their contribution to knowledge and culture. These assets are recognised to have indefinite lives and are therefore not depreciated in accordance with the fixed asset policy and FRS 102. At each year end each asset is reviewed for any impairment, due to physical deterioration, breakage, new evidence giving rise to its authenticity, or other factors.

At 31 December 2023, museum artefacts that have been capitalised represents:

Tangible Assets

----- Start of picture text -----
Long Short Fixtures
Plant and
GROUP leasehold leasehold and Total
machinery
property property fittings
£ £ £ £ £
Cost
At 1 January 2023 724,348 10,788 454,232 7,121,381 8,310,749
Additions 1,737,536 - 980,935 582,310 3,300,781
- -
Disposals (77,852) (3,487) (81,339)
At 31 December 2023 2,461,884 10,788 1,357,315 7,700,204 11,530,191
Depreciation
-
At 1 January 2023 5,034 329,029 4,963,163 5,297,226
Provided in the year 24,507 719 118,350 716,204 859,780
- -
On disposals (77,852) (3,487) (81,339)
At 31 December 2023 24,507 5,753 369,527 5,675,880 6,075,667
Net book value at
2,437,377 5,035 987,788 2,024,324 5,454,524
31 December 2023
Net book value at
724,348 5,754 125,203 2,158,218 3,013,523
31 December 2022
----- End of picture text -----

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

61

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

Tangible Assets (cont)

----- Start of picture text -----
Long Short Fixtures
Plant and
CHARITY leasehold leasehold and Total
machinery
property property fittings
£ £ £ £ £
Cost
At 1 January 2023 724,348 10,788 427,828 7,062,252 8,225,216
Additions 1,737,536 - 980,935 582,336 3,300,807
- -
Disposals (77,853) (1,702) (79,555)
At 31 December 2023 2,461,884 10,788 1,330,910 7,642,886 11,446,468
Depreciation
-
At 1 January 2023 5,034 306,898 4,921,477 5,233,409
Provided in the year 24,507 719 117,282 711,210 853,718
- -
On disposals (77,853) (1,702) (79,555)
At 31 December 2023 24,507 5,753 346,327 5,630,985 6,007,572
Net book value at
2,437,377 5,035 984,583 2,011,901 5,438,896
31 December 2023
Net book value at
724,348 5,754 120,930 2,140,775 2,991,807
31 December 2022
----- End of picture text -----

13 FIXED ASSET INVESTMENT

CHARITY 2023 2022
£ £
100 £1 Ordinary shares in Bletchley Park Company Limited 100 100

14 SUBSIDIARY UNDERTAKING

The charity owns the whole of the issued ordinary share capital of Bletchley Park Company Limited, a company registered in England. The company number is 2723470. The registered office address is The Mansion, Sherwood Drive, Bletchley, Milton Keynes, MK3 6EB.

The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities.

The trustees Charles Macdonald and Hywel Mathias are also directors of the subsidiary. Jon Card, a trustee until 9 March 2023 was also a director of the subsidiary until his retirement.

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

62

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

A summary of the results of the subsidiary is shown below:

----- Start of picture text -----
2023 2022
£ £
Turnover 1,189,517 2,104,180
Cost of Sales (368,887) (347,810)
Gross profit 820,630 1,756,370
Net operating expenses (595,894) (402,202)
Profit on ordinary activities before taxation 224,736 1,354,168
-
Taxation on profit on ordinary activities 123,694
Profit for the financial year 224,736 1,230,474
----- End of picture text -----

Turnover includes sums received in respect of sponsorship agreements totalling £85,205 (2022: £1,058,098).

----- Start of picture text -----
Retained earnings
Total retained earnings brought forward 1,212,443 632,991
Profit / (loss) for the year 224,736 1,230,474
Distribution under Gift Aid to the parent charity (677,272) (651,022)
Total retained earnings carried forward 759,907 1,212,443
Share capital 100 100
The aggregate of the assets, liabilities
and funds was:
Assets 830,606 1,384,156
Liabilities (70,599) (171,613)
Shareholder funds 760,007 1,212,543
----- End of picture text -----

Amounts owed by the parent undertaking to the subsidiary are shown in note 18.

Included within administrative expenses above is a management charge of £354,019 (2022: £209,763) from the parent entity.

15 PARENT CHARITY

The parent charity’s gross income and the results for the year are disclosed as follows:

----- Start of picture text -----
2023 2022
£ £
Gross income 8,209,055 9,174,384
Results for the year after taxation credit 86,842 757,073
----- End of picture text -----

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

63

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

16
STOCKS		 16
STOCKS		 16
STOCKS
GROUP 2023 2022
£ £
Stock of goods for resale 202,121 169,767

17 DEBTORS

----- Start of picture text -----
Group Charity
2023 2022 2023 2022
£ £ £ £
Trade debtors 281,415 761,122 277,103 666,307
- - - -
Amounts owed by group companies
Taxation credit 37,146 125,109 37,146 125,109
Other debtors 68,469 14,582 68,464 10,276
Prepayments and accrued income 201,531 167,240 200,144 165,853
588,561 1,068,053 582,857 967,545
----- End of picture text -----

18 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

----- Start of picture text -----
Group Charity
2023 2022 2023 2022
£ £ £ £
Trade creditors 384,445 188,309 384,361 178,901
- -
Amounts owed to group companies 16,353 549,819
Social security and other taxes 128,936 83,656 128,740 83,656
Other creditors 93,914 91,760 75,413 72,427
Accruals and deferred income 459,732 750,373 407,718 607,502
1,067,027 1,114,098 1,012,585 1,492,305
----- End of picture text -----

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

64

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

19 DEFERRED INCOME

Deferred income comprises sales for future admissions and events, gift tickets not redeemed and certain sponsorship income.

Group Group Charity Charity
2023
£		 2022
£		 2023
£		 2022
£
Balance at the beginning of the year 228,238 968,135 97,945 79,743
Amount released to income in
theyear		 (183,149) (1,137,842) (97,945) (79,743)
Amount deferred in the year 212,321 397,945 212,321 97,945
Balance at the end of theyear 257,410 228,238 212,321 97,945

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

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Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

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Tangible Current Current
GROUP Total
assets liabilities
fixed assets
£ £ £ £
General unrestricted funds - 3,636,332 (1,067,027) 2,569,305
-
Designated funds 9,492,863 499,999 9,992,862
Restricted funds - 845,403 - 845,403
2023 total funds 9,492,863 4,981,734 (1,067,027) 13,407,570
General unrestricted funds - 3,812,486 (1,114,098) 2,698,388
Designated funds 7,262,899 1,188,801 - 8,451,700
Restricted funds - 2,623,175 - 2,623,175
2022 total funds 7,262,899 7,624,462 (1,114,098) 13,773,263
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Tangible Current Current
CHARITY Total
assets liabilities
fixed assets
£ £ £ £
General unrestricted funds 100 2,821,881 (1,012,585) 1,809,396
-
Designated funds 9,477,235 515,627 9,992,862
Restricted funds - 845,403 - 845,403
2023 total funds 9,477,335 4,182,911 (1,012,585) 12,647,661
General unrestricted funds 100 2,978,149 (1,492,305) 1,485,944
Designated funds 7,241,183 1,210,517 - 8,451,700
Restricted funds - 2,623,175 - 2,623,175
2022 total funds 7,241,283 6,811,841 (1,492,305) 12,560,819
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Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

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Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

21 RESTRICTED FUNDS

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Closing
Opening
funds
GROUP AND CHARITY funds Income Expenditure Transfers
31 Dec
1 Jan 2023
2023
£ £ £ £ £
-
Phase 1 development 34,903 7,820 11,648 54,371
Phase 2 development 2,041,961 1,992,750 (1,818,237) (1,742,583) 473,891
- - -
Phoenix appeal 76,562 76,562
- -
Ultra Outreach Programme 36,466 (35,082) 1,384
- -
Cyber Security Programme 198,803 (51,933) 146,870
MEND 121,463 46,839 (11,876) (156,426) -
Other projects 113,017 6,006 (11,209) (15,489) 92,325
2,623,175 2,045,595 (1,920,517) (1,902,850) 845,403
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Museum development – phase 1

Funds held for the defect remediation of the phase 1 (Neptune) development works.

Museum development – phase 2

Funds raised for the phase 2 (Overlord) development of the Museum. Blocks A, E and the Teleprinter Building Extension have been restored and opened as new exhibition spaces, a collection centre and a learning facility. The restricted fund remaining will fund final sums due including retention sums payable.

Phoenix appeal

A fundraising campaign to secure funds for the restoration of Huts 11 and 11A used to house Bombe machines during World War Two.

Cyber Security Programme

Funding from the IBM UK Trust to support a cyber security learning programme.

MEND

Funding from the DCMS/Arts Council England’s Museum Estate and Development Fund (MEND) round 1, to support the replacement of the aged HV equipment and cast iron water main.

Other projects

A number of other projects, including funding for a number of local activities and funding for some smaller specific learning or collections projects, such as the Oral History project.

Transfers between funds

Transfers between funds represent transfers from restricted funds to designated funds in respect of fixed assets purchased from restricted fund donations where the asset is held for a general and not a restricted purpose, or offsets between funds for the same purpose.

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

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Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

Movement in restricted funds (prior year)

GROUP AND CHARITY Opening
funds
1 Jan 2022
£		 Income
£		 Expenditure
£		 Transfers
£		 Closing
funds
31 Dec
2022
£
Phase 1 development 34,903 - - - 34,903
Phase 2 development 2,570,731 3,057,276 (2,381,113) (1,204,933) 2,041,961
Phoenix appeal 76,562 - - - 76,562
Ultra Outreach Programme
Cyber Security Programme		 91,555 3,000 (58,089) - 36,466
149,010 100,000 (50,207) - 198,803
MEND - 421,554 - (300,091) 121,463
Other projects 122,794 23,898 (33,675) - 113,017
3,045,555 3,605,728 (2,523,084) (1,505,024) 2,623,175

68 Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023 Picture by Nick Williams Photography

Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

22 UNRESTRICTED FUNDS

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GROUP Designated Free Cashflow Total Total
funds reserve reserve 2023 2022
£ £ £ £ £
As at 1 January 2023 8,451,700 2,248,388 450,000 11,150,088 9,391,182
Income - 6,323,693 - 6,323,693 6,812,052
- -
Expenditure (6,814,464) (6,814,464) (6,479,476)
- - - -
Taxation (charge)/credit (78,694)
- -
Transfers – designated (361,688) 454,714 (93,026)
Transfers – restricted 1,902,850 - - 1,902,850 1,505,024
As at 31 December 2023 9,992,862 2,212,331 356,974 12,562,167 11,150,088
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CHARITY Designated Free Cashflow Total Total
funds reserve reserve 2023 2022
£ £ £ £ £
As at 1 January 2023 8,451,700 1,035,944 450,000 9,937,644 8,758,191
Income - 5,488,194 - 5,488,194 4,917,634
- -
Expenditure (6,203,702) (6,203,702) (5,939,227)
- -
Gift aid payment of profit 677,272 677,272 651,022
Taxation credit - - - - 45,000
- -
Transfers – designated (361,688) 454,714 (93,026)
Transfers – restricted 1,902,850 - - 1,902,850 1,505,024
As at 31 December 2023 9,992,862 1,452,422 356,974 11,802,258 9,937,644
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Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

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Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

Movement in unrestricted funds (prior year)

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GROUP Designated Free Cashflow Total Total
funds reserve reserve 2022 2021
£ £ £ £ £
As at 1 January 2022 7,039,075 1,596,807 755,300 9,391,182 8,899,802
Income - 6,812,052 - 6,812,052 5,506,973
- -
Expenditure (6,479,476) (6,479,476) (5,508,339)
Taxation (charge)/credit - (78,694) - (78,694) 80,000
- -
Transfers – designated (92,399) 397,699 (305,300)
Transfers – restricted 1,505,024 - - 1,505,024 412,746
As at 31 December 2022 8,451,700 2,248,388 450,000 11,150,088 9,391,182
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CHARITY Designated Free Cashflow Total Total
funds reserve reserve 2022 2021
£ £ £ £ £
As at 1 January 2022 7,039,075 963,816 755,300 8,758,191 8,882,778
Income - 4,917,634 - 4,917,634 4,442,907
- -
Expenditure (5,939,227) (5,939,227) (5,094,389)
- -
Gift aid payment of profit 651,022 651,022 34,149
Taxation credit - 45,000 - 45,000 80,000
- -
Transfers – designated (92,399) 397,699 (305,300)
Transfers – restricted 1,505,024 - - 1,505,024 412,746
As at 31 December 2022 8,451,700 1,035,944 450,000 9,937,644 8,758,191
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Subsequent to the year end, a gift-aided donation will be made from the trading subsidiary, Bletchley Park Company Limited, to the charity to the value to £225,935 (2022: £677,272).

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

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Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

23 DESIGNATED FUNDS

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Transfers – Transfers –
As at 1 Jan As at 31
unrestricted restricted
GROUP AND CHARITY 2023 funds funds Dec 2023
£ £ £ £
Tangible fixed assets 7,261,700 328,312 1,902,850 9,492,862
- -
Project Overlord fund 1,190,000 (1,190,000)
- -
Rolling maintenance fund 300,000 300,000
Exhibition refreshment fund - 200,000 - 200,000
8,451,700 (361,688) 1,902,850 9,992,862
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Tangible fixed assets relate to all tangible fixed assets held not for a restricted purpose.

The Project Overlord fund was set aside to support the costs of the phase 2 restoration of Blocks A. E and the Teleprinter Building Extension and was used to match-fund this project.

The Rolling maintenance fund is set aside to provide funds for future maintenance works to the site and buildings necessary over the next few years.

The Exhibition refreshment fund is building a sum of money to support the development and refreshment of the exhibitions on site, in order to maintain the high quality offer for visitors.

Movement in designated funds (prior year)

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Transfers – Transfers –
As at 1 Jan As at 31
unrestricted restricted
GROUP AND CHARITY 2022 funds funds Dec 2022
£ £ £ £
Tangible fixed assets 5,709,075 47,601 1,505,024 7,261,700
- -
Project Overlord fund 1,190,000 1,190,000
- -
Facebook salary fund 140,000 (140,000)
7,039,075 (92,399) 1,505,024 8,451,700
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24 CONTINGENT ASSET

The charity has applied to HMRC to recover an element of VAT incurred on the creation of the Block E Learning Centre and Auditorium. The value of this asset will only be confirmed on conclusion of discussions with HMRC.

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

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Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

25 CONTINGENT LIABILITIES

The charity has an unlimited cross guarantee with Bletchley Park Company Limited, in favour of HSBC Bank.

26 LEASING COMMITMENTS

The group’s future minimum operating lease payments are as follows:

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2023 2022
Group Charity Group Charity
£ £ £ £
Within one year 51,076 51,076 45,230 45,230
Between one and five years 81,228 81,228 121,317 121,317
- -
After more than five years 2,307 2,307
134,611 134,611 166,547 166,547
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Operating lease commitments receivable as a lessor

Amounts receivable by group under non-cancellable operating leases are as follows:

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2023 2022
Group Charity Group Charity
£ £ £ £
Within one year 75,000 75,000 75,000 75,000
Between one and five years 300,000 300,000 300,000 300,000
After more than five years 300,000 300,000 375,000 375,000
675,000 675,000 750,000 750,000
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27 CAPITAL COMMITMENTS

Capital commitments contracted but not provided for in the financial statements amount to £467,373 (2022: £3,175,223). These relate to the Overlord Project and are being funded from restriced funds held.

Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023

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Financial statements for the year ended 31 December 2023

NOTES TO THE FINANCIAL STATEMENTS

28 FINANCIAL RISK MANAGEMENT

The group has one main area of financial risk – liquidity risk.

Liquidity risk

The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The group expects to meet its financial obligations through operating cash flows. The group’s liquidity is regularly reviewed and a minimum level of free reserves identified. Additionally a cashflow reserve is in place to support the Trust through the winter when the Trust experiences a cash outflow. If it becomes likely that the minimum level of free reserves will be needed to support short-term liquidity needs, further action would be taken to reduce outgoings and identify alternative courses of action to remedy liquidity risks.

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Bletchley Park Trust Limited and its subsidiary undertaking Trustees’ Report and Financial Statements for the year ended 31 December 2023 it, . a? - : ee a a 73
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X U S A G X B 2 K S M N N H R X P J Y Z V N L P M L L A Y J D X C Q O Q O H Y X 7 H X X G T O F A S X A R H U R P H K Q U P X K M S G P Z K O F D L T K F Z X P E H X T D N Y A D S J P D N B 2 U X E 9 U M E 9 Z H T Y E G S O V P 9 V N N D Z K J 2 K O K

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S B H N J S G Y H T 4 A Q X T

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P Z D G T A J Q T 4 Y

X B M F B J F Y Q E E Q O Y

X U S A G X L R C B N E F E V B 2 K S M N N H X P J Y Z V U Q M O J Y H Q V V O Y O F D L K V H T K F Z X P E S E O X Z J H X T D N

K G C E R X C

E M 2 K O F G C E G X H A M K B M P S V E P Z H T Y P S B H

S V D U L K F C E A H X R K 4 D

The Mansion, Bletchley Park Sherwood Drive, Bletchley Milton Keynes, MK3 6EB

01908 640404 bletchleypark.org.uk Registered charity no. 1012743

R U Y T X F P

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