Registered Charity No. 1146784 {England & Wales) Imperial War Museum Development Trust Annual Report And Accounts for the year ended 31 March 2023
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2023 The Trustees present their Annual Report and the Financial Statements of the Gharity for the year ended 3151 March 2023. The Financial Statements have been prepared in aGGordance with the accounting policies set out in nole 1 to the Accounts and comply with the charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities- Slaternent of Recommended Practice applicable to charities preparing their acGounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2015). Our purpose and activffities The Trustees have referred to the Charity Commission's guidance on public benefit when setting the aims and objectives of the Trust, and in the planning of future activities. In particular, the Trustees have considered how planned activities will contribute towards the aims and objeGtives they have set. The main activities and aims of the Trust are set out below. All of the Trust's Charitable activities are undertaken to further its Gharilable purposes for the public benefit. The Trust was founded in order lo aGquire artefacts relating to the history and development of warfare and its impact on society,. render assistance lo the Imperial War Museum ("Ihe Museum") on the preservation, rnaintenance and repair of objects in the Museum's custody for the purpose of exhibition to the public or for use in study or research- promote the study of Ihe hislory of warfare and its impact on society, and lo improve amenities and facilities for visitors and students at the Museum. Achievements and performance During th& year £4 million was received from Imperial War Museum, for the General Fund, of which £1.5 million was invested with the Sarasin Cash Fund with Blackrock. The Lauren Misner Trust also granted £10,000 to the General Fund. The Trustees approved two grants to be paid to Imperial War Museum. In July 2022, a grant was made to the value of £45,000 to support the work of Ihe War Memorials project. In October 2022, a grant of £750.000 was approved towards the creation of the new Blavatnik Art, Film and Photographs Galleries at Imperial War Museum, London, to be opened in the aulumn of 2023. In addition a grant of £35,434 was approved to be paid to the American Air Museum in Britain. Dame Diane Lees stepped down as DireGtor-General of the IWM in March 2023 and as a Consequen as a Trustee of the IWM Development Trust. Trustees offered Iheir thanks and appreciation for Dame Diane's transformalion of IWM and trusteeship of the Trust over the Gourse of her 14-year tenure
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2023 Reserves policy The Truslees, policy is to maintain a level of reserves which will provide a stable basis for ils continuing aGtivities while al the same time ensuring excessive funds are not accumulated. The Balance Sheet shows a total fund balance of £7,963,554 of which £1,655,732 is restricted for the American Air Museum in Britain. The unrestricted balance of £6,307,822 equates to the free reserves of the Trust as at 31st March 2023. The Trustees consider thls to be an adequate level for the current needs of th8 Trust. The reserves policy of the trust is reviewed by the Trustees at its Board meetings. Fundraising Policy The Trust receives income during the year from the American Air Museurn in Britain, for investment, and from other sources from time to time, including the Imperial War Museum and Trusls and Foundations, as well as bequests. The Imperial War Museums, Development Team are available to inform and support any fundraising activities of the Trust, as part of the operating agreement held with Imperial War Museum. The team is committed to work lo a best practice framework and are members of Ihe Institute of Fundraising. The team do everything possible to meet Ihe needs of potential supporters and proteGt vulnerable people. In particular, they comply with the Code of Fundraising Practice and 811 relevant data proteGtion laws. No instances of non-compliance have been identified during the year. The Charity aims to respond to all complainls individually and in a timely manner. All Complaints inform and influence the Trust's approach to fundraising. During the year, the Development Trust was not notlfled by the Charity Commission of any complaints. Investment Review and Policy Trustees review cash investments for both the restricted and for the unrestricted funds at each Board meeting. Plans for future periods Ickleton In May 2019, the trust6tss of the Trust purchased the freehold, al auction, of 22 acres of farmland at Ickleton, on which 18 units, which previously housed the Imperial War Museum's nitrate film collection, sit. The tenancy agreement with Imperial War Museum was rolled over to the Trust on its existing terms, and the Museum is now paying rent to the Trust. Under Charity Commission rules, Trustees have a duly to maximise their investment in the land purchased al Ickleton, and plans for the site have been discussed at each Board meeting. Charitable Grants During the year Trustees expressed the need ensure that the Trust continues to make charitable contributlons to projects on an ongoing basis. An opportunity will arise In 2023-24 for the Trust to
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2023 make a grant to help progress the implementation of the masterplan at IWM Duxford. Trustees have agreed that a Board meeting be held al Imperial War Museum Duxford in 2023-24 which should include a masterplan tour. Assessment of Going Concern The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. Having reviewed the financial position, and the forecast for 2023124, the Trustees consider that there are no material uncertainties about the charity's ability as a going conGern for 12 rnonths from the date of the signing of these financial statements. Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt a going concern basis in preparing the financial statements. Reference and administrative details Charity Registration number 1146784 Registered address Imperial War Museum Lambeth Road London SE16HZ Our advisors Independent auditors Moore Kingston Smith LLP 9 Appold treet London EC2A 2AP Bankers Barclays Bank 1 Churchill Place London E14 5HP Investment Managers Sarasin Investment Funds Llmited Juxton House 100 St Paul's Churchyard London EC4M 8BU Trusteés The trustees and officers serving during the year and since the year end up until the date of signing were as follows.. Mr Tom Wright CBE (Chair) Mr Keith Cameron {from 6 July 2022) Dame Diane Lees DBE FMA FRSA {Direclor-General) ex officio {to 31st March 20231 Dame Judith Mayhew Jonas DBE Officers Mr Jon Card ACA (Treasurer)
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2023 Ms Katie Allwood (Secrelary from May 20221 Structure, Governance and Management Governlng Instrument The Imperial War Museum Development Trust (the Trust) is a registered charity, number 1146784, and was originally constituted as an exempt charity, by 2 Declaration of Trust dated 8 September 1969. and updated on 2 June 2004. Under sections 4, 12, 13, 14 and 15 of the Trust Deed. the trustees of the charity are empowered to receive, hold and administer funds or other assets entrusted to them by grant, gift or bequest for purposes appropriate to the functions of the Trust. At the 7th March 2012, existing trustees agreed a further amendmant of the Trust Deed, enabling the reconstitulion of the Trust in order to give it independence froffl the Imperial War Museum. The Charity was registered with the Charity Commisslon with effect from that date. Appointment of trustees The trustees of the Trust are the Director-General of IWM and at least two other persons appointed as trustees by Ihe trustees. No person may be appointed as a trustee if as a result of their appointment the number of museum trustees would equal or exceed the number of independont truslees. The trustees using their powers to appoint trustees shall use their best endeavours to ensure that at any time the number of independent trustees exceeds the number of museum trustees. Each trustee appointed shall hold office for three years from the dale of his appointment but may be appointed any number of times. The revised Deed of Trust includes a requiremenl that ensures that replacements for the independent trustees are made prior to their retirement, ensuring compli8nce with the stipulation that Ihe Trust has a majority of independent Trustees. All new trustees will be trained through an induction with Imperial War Museum. Organisation The trustees are ultimately responsible for the policies, activitles and assets of the Trust. The Trustees normally meel twice a year to review the developments with r&gard to the Trust, and make any important decisions. When neGessary, the trustees seek adviGe and support from the Trust's professional advisers including its bankers and auditors. The day to day management of the Trust's activilies is performed by the staff of the Imperial War Museum under an operating agreement. Relatedpartles None of our Iruslees or key management personnal received remuneration or other benefit from thelr work with the charity. Connected charities
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2023 Dame Diane Lees is a trustee of Imperial War Museum Development Trust, Director General of Imperial War Museum, and a Vice President of the American Air Museum in Britain. In 2022123, £795,000 was given lo Imperial War Museum, £750,000 towards the Blavatnik Art, Film and Pholography Gallies al Imperial War Museum, London, and £45,000 to support the War Memorials project (2021122, £30,000 towards the salary of Specialist Network post), and £46,283 (2021122 £45,557) was given lo the American Air Museum. In addition, £4 million was received for the General Fund from Imperial War Museum (2021122 £nil)- Risk Management The truslees have assessed the current risks to which the Trust is exposed, in particular those relating to the specific operalional areas of the charity and its finances, and have established an ongoing system of review. The trustees believe thal by monitoring reserve levels, by ensuring controls exist over financial systems, and by examining Ihe operational and business risks faced by the Trust, they have established effeGtive systems to mitigate those rlsks. A risk register for the Development Trust has been sel up and is regularly presented lo Trustees for review. The ratings relating to risk of breaches in law and regulation (in respecl of cybercrime and the implementation of GDPRI and the adverse economic climate were endorsed. Principal risks and uncertainties Trustees will continue to monitor the finances on a regular basis at their board meetings. Truslees, responsibilities in relation to the financial statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of Ihe charity and of the incoming resources and application of resources of the charity for that period. In preparing Ihese accounts, the trustees are required to.. select suitable accounling policies and then apply them consistently,. observe the methods and principles in the Statement of Recommended Practice (Accounting and Rèporting by Charilies) (the Charities, SORP). make judgements and estimates that are reasonable and prudent; slate whether applicable United Kingdom Accounting Standards have been followed, subject lo any material departures disclosed and explained in the accounts., and prepare the financial statements on the going concern basis unless it is Inappropriate to presume that the charity will continue in operation.
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2023 The trustees are responsible for keeping proper accounting records thal disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provislons of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the trustees on and signed on Iheir behalf by J22. J M Card ACA Date Ji Treasurer
Independent Auditor's Report to the Trustees of The Imperial War Museum Development Trust Oplnlon Wo have audited the financial slalements of the Imperial War Musoum Development Trust for the year ended 31 March 2023 which comprise the Slalemgnl ol Financial Aclivilies. IhÉ Balance Sh&Èl, the Cash Flow Statement and notes to the fillancial slalements, including significant accounting pollcles. Thg financial reporting framework that has been 8pplied in thelr preparation is applicable law and United Kingdom Accounting Standards. includlng FRS 102 'The Flnancial Reporting Stsndard Applicable In the UK and Republlc of Ireland, (United Kingdom Generally A¢cepled Accounllng Prk¢tlcel. In our opinion the financial statements.. givè a true and falr view of the slate of the charitabl6 company's affalrs as at 31 March 2023 and of Ils incoming resourw end applicallon of res<)ur¢es. Including Its income and expenditure, for the year then ended,. have been properly prepared in a¢cordanc& with United Kingdom Generally Accapled Accountinu Practicè,. and have b8en prepared In accordance with the requirements of Ihe Charities Aol 2011. Basls for opinlon Wè conducted our audll In accordancè with International Standards on Audiling (UK) (ISAS IUKI) and applicable law. Our responsibilillés under thosa standards are further described in the Auditor's Responsibilities for the audit ol the financial slalemenls sgcljon of OLSr report. We are Independent of the charitable eompany in accordan with the ethical requirements that are relevant lo our audit of the financial slalem&nls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon8ibilib.es in accordanca those requlrements. We bglieve that the audll evidence we have obtalned is su lc.ienl and approprldle lo provide a basis for our oplnion, Concluslons relallng to golng concem In auditSng the financial statèments, we hay8 concluded that the trustees, use of the golno concern basis of accounlino In thè proparation of th& finanGial stateiiieiilb it approprfaie. Based on the work we have psrformed, we have not identllied any malerlal uneertainlies relating lo events or conditions that, individually OT collectively, may cast significant doubl on the charitable company's ability lo continue as a going concern for a period ol al least twelve months from when th& linanLial slatamenls are authorised for issu&. Our responsibilitlè8 and the responsibilities of the trustees with resp&cl to golng concern are described In the raltsvant secllons of this report. Other Infomiation The othèr information comprlses the Informalltbn included in the annual report, othèr than the financial statements and our 8udiloVs report Ihereoll. Th8 Iruslees are responsible for the other infomialion contained wilhln the annual report. Our opinion on the financial slalemenls doèg not cover the other informalion and. excepl lo the extent olh8rwise oxplicitly staled in our report, we do nol express any lorm of assuran conclusion ther60n. Our responsibility is to read thè other Informallc)n and, in doing so, conslder whethor the other information is materially inconsistei?I wiltt the financial stateniellls or our knowledgc obtained in the course of the audit or olheMise app&ars to be m&terially misslaled, If w8 idonlify such material ineonsisloncies or apparènt material misslalemenls. we are raquired lo delemiine whether Ih6r8 is a material misstalèmenl in the fingncial slalemenls Ihamselves. If, basèd on the work we havo perfomied, we conclude that th&rè is a material mlsslalement of this olh8r informallon, we are required lo report that fact. We have nolhlng to report In this regard. Oplnions on other matters prescrlbed by the Charities Act 2011 In our oplnion, bgsed on the work undortaken In the Course ol the 8Ldil'.
Independent Auditor's Report to the Trustees of The Imperial War Museum Development Trust the Information gNien in the trustees. annual report for Ihe finan¢ial year for whlth the financial Elalemenls arè preparèd is eonsislenl wllh the financial statements., an the Irusl8¢s' annual report have been prepargd in accordancé with 8pplIcab lfjgal requirements. Matters on which wè arè required to report by exception We have nolhlng to report In respect of the following mallers where the Charities Act 2011 requires us lo report to you if, in our opinion.. adequat8 accounting records hav6 not been kopl. or returns ad8quaie for our audit have not baen received from bran¢hes not visited by us., or Ihg Ilnancial slalemants are not in agrèèment with th8 accounting records 2nd returns.. OT certoln dSsclDsures of Iruslees. remunerallon specified by law are nol made., or we have not recoived all the inform8fjon and 8xplanatlons we require for our audit. Rèsponslbllities of trustees As explaln6d more fully in the tiuslees, responsibilities sla10ment set out on page 6, the Irust6as are re8pon5ible foT the preparation of th8 flnancial statements and for being s8llsfled that they glva a true and faiT view. and for such internal control as the Iruslees determlne is necessary to 9nable the preparation ol financial st8temenls that are free from malerial misslalemenl, whether due to fraud or error. In preparing the fin8nci£l statements, U)è trustees are r¢sponsible for assÉssing the charlly's ability lo Continue as a going concern, discltsalng. as applicabls, matters rel8t8d to going concem and using thè going concern basis of accounting unless the Irusle88 8ilher intend lo Ilquidale the charity or to cease operations, or hav¢ no realistic allernallve bul lo do so. Audltorfs Responslbllltles for th8 audlt of the financial statements We have been appointèd as auditor undor sectlon 144 of the Charities Act 2011 and report in accordanc8 with regulations made under sèction 154 of that A¢1. Our ob5gclives are lo obtain reasonable assurance about whether the financial sialements as a whole ar8 frae from material misstalemenl. whelher due lo fraud or error. and to issue an auditor's report that includes our opinion. Rèssonable assurance is a high level of assurance, bul 18 not a guarantee that an audit condueled in a¢¢oYdance with ISA8 IUKI will abNays dcle¢t a material mlsstatemenl when 11 exists. Misslalements can arise from fraud or error and are ¢onsidered material il, Individually or in aggregat8, they could reasonably be expeded to influence the economlc décisions of users t8ken on the basis of these fin8n¢i81 statements. As part of an audit in accordance with ISAS {UKI we 8xerclse professional ludgemenl and maintain professional scepli¢lgm IhToughout the audit. We also.. Identify and 2ssess the risks ol material mlsstatemenl of (he flnanciaS slatemenls, whether due to fraud or error. design and perform audit procedures responsive lo those risks, and obtain audit evidence that is guffieienl and appropriate to provide a basis for our opinion. The risk of not dole¢llng a material niisstalemenl rosulting from Iraud is highèr than for one resulting from error, as fraud may involve colluslon. forg8ry, intentional omlsslons. In15representstlons, or the overrid6 of internal control. Oblaln an understanding of internal control relevant lo th8 audlt in order lo design audll procedures that are approprialg in the circumslan¢os. but not lor the purpose5 of expressing an opinion on the effectiveness of Ihe char41y's internal control. Evaluate the gpproprialen8ss of accounting policies used and the reasonabl8ness of acwunlSn9 eslimxlss and related dlsclosures made by Ihe Iruslees. Conclude on the 8pproprlaleness c>f the trustees, use ol the going concern basis of accounting and, based on th8 8udit evidence obtained, whether a material uncèrtainly exi518 related to events or conditions that may cast
Independent Auditor's Report to the Trustees of The Imperial War Museum
Development Trust
significent doubl on th$ charity's abllily lo continu8 as a going concern, If we conclud6 Ihal a material uncertainly
exists, we aro required lo draw atlenlion in our auditor's report to the relaled disclosures in the finaneial slalemenls
or, if such dlsclnsures are inadequa16, to modify our opinion. Our condusions are based on the audit evld&nce
obtalned up lo the dale of our auditor's report. Hc>wevér, future events or condlllons may Cause the charitable
company to cease to continue as 8 going coneern.
Evaluate the overall presentation, slruelure and Gontènt ol the financial stalem6nls, including the dlsclosures, and
whether the financial stslemenls represent th8 underlying transactions and 8venls in a manner that achieves fair
presenlallon.
We commLJnlcale with those charged with governance regardino, among other mallers, the planned scope and liming ol the
audit and significant audit findings, including any significalll deficiencies in internal control Ili
Independent Auditor's Report to the Trustees of The Imperial War Museum Development Trust Use of our report This report is made solely lo the ch8ritabla company's members. as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might slate to the chgrity's trtjslees those Tnallers we are required 10 stale lo them in an auditor's report and for no other purpose. To tho fullest extent permill8d by law. we do not accept or assume responsibility lo any party other Ihan the charity and charity's members as a body, for our audit work, for this report, or for the opinlons wé havo formed. J_A LL* Dale.. 6 July. 2023 Moorè Klngston Smlth LLP. Statutory Auditor 9 Appold Slffet London EC2A2AP Moore Klngston Smith LLP Is eliglble to act as auditor in tèrms of Sèction 1212 of the Companles Act 2006 io
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Tho Imperlalwar Museum D•velopm4ntTrus1 +4ote$ to thè Accoun19 forhe 12 monlh6 10 Sf61 March 2023 I A¢#UNn4 Povelos BASIS olprepar4119 The finanda1 slalements hÈve been prepaf8d accOrdsnC& Willi Acwuming gnrf Ra¥tIng by Char1Iè3". Slaifrmanl of R9wTrm?nded ppllc8blÈ tha118$ pwarfng Ihgii acGounls kn acwrdalie>. 1h Iliw Flnan&oJl F¢eporttr stsndard applicablg In the UK and Republkc of trelaDd IFRS 10211gWe¢bv8 1 J4nuary20151- (chrIll&S SORP IFRS 102k IhE FI£the1&1 R£portthg SlaDd4rd appJica6lp ITr the UK Bnd Ropublic ol IFRS 1021. Imper1¥lWarLl1WM OweloprnI Trusl mg01s thg d8lnltionof H publ bÈnèfii aniltyutOgrFRS 102. Assets and liabl5t9$ gr8 inltially reeowlged alhL41thl¢a ¢oslorlMnsa¢lioD v?lu8 vnless olhEtwi 518ied In Ihe releVanToi19 po11cyno5I$). Havkng reviowed Ihe flnanejal p09ilron, tho bgElS for 202212S and 2023124. the Irustgey Gonsld&r th81 theie oro no rnaleriel unttrt81nll8S bvul th8 tharills abllily lo continue a$ 4 golny conceln for lh$ 12 monlhsfrom ihs dale of 9Th1n9 lhasa flnan¢lal $1glemenls. Tru8tèÈs have al revFsÈd opèr3iion81 pknans and 91pondllures End hawe & reBson8bl8 Bxpgclalion that the ChalY has 2dgquslfy rasources tocanlinuÈ Its gcllirybgsfor thefoieAeegbt8 lulun).Accotdinuty. th6yconUnile lo adttpla utslng ¢x>ncemconcem bgsls In prw211w flnanclalststemenis. Inc4Jne ton3i>18 ofthalK)nS, ¥rvJrénL Oonelknns are recognlsod whgn thBeharity be¢sYrn5 IallY 9nbll ID lunds, any re8lrl¢Uon8 alL8¢hfd 10 uiè itaiilsl ollnc0rn9 been MEI. Ili$ probawo Ihatthè Income11 be received and Ihg afflounl bè Yèason8bly m8awrpd, ReDII$ 19¢vad quartertyfriTh a ee held WI Imp9rig1 warmus6m l(Jfih&lanLf hew kM6tan and induded kn the qLWrt9T ili$ due. Int&IR6lydb InreI Iuhds heW on depDsll and 41 Ihè InEluded when re¢olvatlo aDO smDUhi mga$uiad r•liably by Ihe ¢harliy and N I obatsle Ihal th& will be r&ceiVed. ExpendilredThlrrQc0Verab1? vg1 F¥pFndllwa Is r&cOgse on a¢CTvBls basls in IhÈ pÈrfDd h whlch thBy aig ID¢uTr8d. It inclvdes relatsd VAT whlch ¢anMt bè rg¥ersed. All éxpttn5e8 ère alkn¢Hled lo IhA appkcablé wendltur& headlngs. Li8billi95 afg rewnlsertaE expendllwe 89 soon astheie i$g |¢oBI or cOn811Ve obl8110 comm1Y Ihtt chailty lomakeH poymÈniio a thlrd Paty, It Isprobable Ihal8 translero19WnOrnIG wlll bp fequlr4d in soiuernenl the £mathio1lheobligAt1r can be measured rewaY. Expendhwts ISCSsifI@d undErthefollowlng he£dhp8'. . Granis pay3bl& 10 the mus9um ara included In the siaiÈmenio fitksnclal pe1119 wh$n appred. Granls¥woVed butholpad foi allhg gndol Ihe fin&ndal ye3r ard 8ccru&d for whgn lh8 rgdpieTrlhas been ndifièd. b. grants payabl& arÈ InBluded IrE tlia ststgm9DI of financlal ar11•S when approved. awyovèd bui not p4d for at the ehd of thè fingnclaiyeaf Ere accrued forTrIh9 re¢1pTrI bEen nCfled. c. OlhorsdrySt. VAT The TRK41lggi%iÈd lorVATfrom l$lAprtl 2019 and 5inCt VAT has bgeTracwntsd fdrsèparètdy. Doblors D8btorssre recogn15ed a1lhèlrs8llleTrt8MUtsi lèss ÈThyprov161onsfOrnoTrrecerabIllty. Theyhave bgen io UIÈ predenivaoOf thB futuré cash recelplwb9ro%uch dl8Countlno is nia19rial. ck&h Andln hand Cash at bank In han4 repre8ents SUGhaccounls and In8lrumeDls thalare availab on demand orhsv6? Inaiurityofièy8 thAnl1e9m4 Irom thedaieofwvTrlIOTr. Qf8ditors Ere rè¢oonthd wh8rg chorli y haj A pr658nl ob1jaIn 18sultino l<om É past6v1 Ihalwll probably rès11 In thè tran81er ol lunds to a thkd p8tyaDd the $èlll& Ihèobllgstion b8 aure0 r£ll8t4y. Credllors arg re18$d st Ihaamounl chal1tyantwp?3 Ilwlll pay 10 $ellle Ihe thbl. UDrpstllLled genaral lund8arefunds be In accordanc9 wkh thechadtable 04ect8 ellhe discr91Of Trus9. 0[qndIa tIdS ar@ thal£ Elthe dls¢Yellon c¢ihgtrUs18es In funherancg of th&genaral oWedlvE5 of thèTiusl. R43kncied Ivnd8 ale fwds suW@clto reslrfcVv6 ¢ondltsons inwo&ed bydonoisor bylh• wrpo¥e olthe awÉal.
The ImpgrlalW&r Museum Trust Nolgs lo Ihe Accountg rorth& 12 tnonths to 31slMbrch 2023 Land purth8sed &i kletonwaS révaluèd on31 March 2023bywof05E40r1 valuer5 Gerd Eve In accorda[wIlh Roy81 h911Wlè oIChart8red SurvvQUI0acfr notss. Inveslmwirs Invoslments sie shown al tna(kBI valu8 in lh8 balance she@l. Changés In the market &e In¢ld4 in Iho Sta101 Flnandal tI1kn as ratslisod unrealised Inve5tmenlgajnsor |<¥s8es In the ÈtlWhIch Ihoy &ri¥e. 2 Oonatkjns &GIft$ IJAreslActéd Uni&sidcied Fund5 R8slrjGkd Funds Indud8s Ih&foilow4w amoun Funds Total 2022r23 Tot812021122 Gr8nis (rom ImpeFlalW4r Muswm Grwis from BdiÉln TYuai8 & FowEdaUons 4.1100,ts0ts 4,000,OllO 32.237 32.237 10,264 42,501 fD,201 4,010,201 4,010,201 10,26 82,237 3 knv¢slrnonl Incomè Un¥esirlcted Rètrict8d Fund5 Unrèatrkt Funds R8slrfclEd Ftsnds Tata12022123 Totsl 2021122 Intarosl 54.514 527 97 IDO,797 527 147 S3,538 45,557 .095 12 502 Bank tar$t sarasln F&85 100 129 373 55,138 46,363 55,679 45.930 99,609 4 Expgndlturs Un¥esi¥lcté Funds Unrégirkthd Funds R£%trjctgd Funds Total 2022123 T(kn12Q21122 ExpgntY#ur&on chanlHbh aclAiitl8S Grants lo thè Mu8Bum Granls lo IMp8A81 WarMusQi Foundab nts lo Ihe AmBrkAhArAIuseuTn Olh8reo&ts MfNI Setvlca Bkad (arg88 All Other 795,000 7>5,000 30.0 30,000 20,QOD 20.000 45.557 46,283 46,2VS .557 2,00 34 7,668 36 4.176 79 2,QOO 34 7.868 2.0 2,000 7,624 7.82 34 4,476 2.250 1,080 2,2 1,0 Dlre¢iDPs Insurce 809.72 46,283 855,995 82,823 45,551 108,4 Th& ¢harfiyhss IswTr M 8 V0tarybas1s bylha Twsiggs and tyvtsyof ar44)ÈfaDng agreemoDIMfjlh Impeiial W¥¥Auseum. Tho trustees rECelved hD r£rnUneiali for lhr%81£8s the year12021r22- nlll. No IruB19es re¢ehd for gxpBnsesdurkng &year12021122- Dill. The kfjymandgttmenlof IhE chatrfycomprfse tha tru8leg5. Th& k)tsl remMePallDn paw tokeymanggsrnenlpersonn3S t1(2211?2-£n1l. Land Land ol 1¢kn 2O22r23 2021122 720.000 631.Q32 In May2019. IheTru5tpufchased ih@ Ireohobj of 22 £cresof 18mlnd al klol4n. s1?wlv)n. TheIe uf 18 ullilswhiGh usod lo hiyjse k)e Irnp&rial W?rMus8Unl'5 1ra1&f1M collECtion. 15
Th¢ lrnp&FI?I Wai Musaum Dov8lopmÈnt Tr1 Not&s lo tliA A¢counl$ InvEgtrnanls Llsiéd InvÈBtrnants arq valuod at rnldéle mathetqUot&tlon& Yullntt ÈllhÈ yÈar4nd Tolol 2022123 ToLql 2021122 mÈelv81ts&81 bèglnnkngofyear IMv£5tmeht In yègr DlsirtthJiion9 In y88r Cash vAlhdrawn Fund mangggmenllB9S N91ch4 in markélvale J,73Y.514 t,500,ODD f(41,7J7 1%00,7971 197 206,239 5 033 482 3,&.396 .095 I,095) 474 3,7,$24 In$0 98 follov S8rasln Endowm8nis Funds Cla55 AINC ICS-INS IBla&rttkl Ga5h 3,502.22Q 1.516,806 14 56 5 033462 3,725.916 13.608 Inv&stéd as lolows.- FuS Unrest[led Re3trFcled Total Funds 3,422,054 1,611,43a 5,033,482 2,025.e48 1.713,&76 3,739,-fj24 7 Debtors R65trlct8d Funds UntricIed Funds Reslrfcled Fvnds Td812021122 Funds T¥lal 2Q22123 Due¥Afhln on• ye&r Acuu8d Inc(The 25.188 36.999 25.4U2 37,213 8 Cmdllors UnTaStrlctad Fund Re5trlced Funds unreStrt FU R85t1d Fuodg Tdal 2021r22 Toial 2022R3 Amauni<YAryng to AAM Ac¢rtsal$ 46,283 46,283 10,208 56.492 45,551 45.557 9.266 54.623 10,208 10,208 9,266 9.266 46,283 45,557 Unteall$èd At 31 March 2Q23 9 8talomgnl of Funds At l Apr112022 In? Expondlluro I$tentS bthBnlunds iJnEesfrici•d funds Gen&r81 Fund Total UDr&$lrlct9d 302è 223 2,029.223 4 Y03,0 4.103,0&fj 8ng.7¥2 14 721 6 307 822 6.307.822 Reslrlct•d Funds Am8rlGan AlrMus8um Total fe$trlclEd funds 46.283 16S5 722 1.655.732 1,758.18Q 46,383 Total 4,787,403 4.1419.418 1855.9951 1117272 7,963.554 R•strlctedfunds Furf$3r8 on oltha th1nr K4u8eum In Brflèln forknvestrnrMI purp058S.
The In)pe¥lal WArMuseum D6v6lopmBnlTwst Notes iolhe Ac¢ounts forlhg 12 monlhE lo 31st March 2023 10 CtsnnÈol8d ¢harllles lJ7JporlalWaYMuseLr Diiring the yèAr. P.795.000 w8s approvod io bè IraTrgfE[r9d io ITDpwi31 War Mus9um dur1 lh9 y4Br 12021122- fJD,OCM)I tXan9 Lg9515 4 Trvsièè the @al3r Nrfus@um OwélwmgniTrusiand DirectorGener£l ol Imped4 Wa< muSM. ID addlioTr.£4m41hon was re¢&lved from Imwrlalwst Nlusgum P021122- £nlll- Amerl¢an AlrAlustrum th Brllal A graDI ol f46,2fj312021122_ £45.5571 was approved lo be Sle[red b the Amertcsn Ar Mu5eUrn. DnE Leesls E tn*steF ol Uie Impe1181 W Au3eum D£¥èloweniTrusl Vi¢p Presldenlolthe Amertcan Alrmuseum.