Registered Charity No. 1146784 (England & Wales) Imperial War Museum Development Trust Annual Report And Accounts for the year ended 31 March 2024
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2024 The Trustees present their Annual Report and the Financial Statements of the charity for the year ended 31st March 2024. The Financial Statements have been prepared in accordance with the accounting policies set out in note 1 to the Accounts and comply with the charity s Trust Deed, the Charities Act 2011 and 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 the Republic of Ireland (FRS 102) (effective 1 January 2015). Our purpose and activities The Trustees have referred to the Charity Commission's guidan 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 objectives 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 charitable purposes for the public benefit. The Trust was founded in order to acquire artefacts relating to the history and development of warfare and its impact on society,. render assistance to the Imperial War Museum ("the Museum ) on the preservation, maintenance 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 the history of warfare and its impact on society, and to improve amenities and facilities for visitors and students at the Museum. Achievements and performance During the year £1 million was reiVed from Imperial War Museum, for the General Fund. The Trustees approved three grants to be paid to Imperial War Museum. In October 2023, a grant was made to the value of £50,000 to support the third series of the Conflicts of Interest podcast, run by the Imperial War Museum Institute. At the November Board meeting the Trustees approved a grant to the value of £45,000, to continue to support the work of the War Memorials project, and to the value of £24,222, to support the AHRC'S Early Career Fellowship with Robert Gordon University. In addition, approved out of session, in October 2023, a grant of up to £300,000 was approved towards the Imperial War Museum Duxford Masterplan's east-side Playzone, to cover any shortfall in funding for the project. At the time of the accounts, this grant has been designated to the project. In addition a grant of £10,979 was approved to be paid to the American Air Museum in Britain. At the July Board meeting, Trustees acknowledged Mr Card's last Development Trust meeting before his retirement in the summer. On behalf of the Trustees, the Chair thanked Mr Card for his commitment and dedication to the IWM and the Development Trust.
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2024 Reserves policy The Trustees. policy is to maintain a level of reserves which will provide a stable basis for its continuing activities while at the same time ensuring excessive funds are not accumulated. The Balance Sheet shows a total fund balance of £9,350,768 of which £1,783,838 is restricted for the American Air Museum in Britain. The unrestricted balance of £7,566,930 equates to the free reserves of the Trust as at 31 st March 2024. The Trustees consider this to be an adequate level for the current needs of the 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 Museum in Britain, for investment, and from other SoUrS from time to time, including the Imperial War Museum and Trusts and Foundations, as well as bequests. The Imperial War Museums, Development Team are availabl8 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 to a best practice framework and are members of the Institute of Fundraising. The team do everything possible to meet the needs of potential supporters and protect vulnerable people. In particular, they comply with the Code of Fundraising Practice and all relevant data protection laws. No instances of non-compliance have been identified during the year. The Charity aims to respond to all complaints 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 notified 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 trustees of the Trust purchased the freehold, at auction, of 4.5 hectares 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 duty to maximise their investment in the land purchased at Ickleton. An options appraisal for plans going forward with the site are to be presented to the Board for discussion at the Autumn 2024 meeting.
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2024 Charitable Grants During the year Trustees expressed the need to ensure that the Trust continues to make charitable contributions to projects on an ongoing basis. At the April 2024 Board meeting, Trustees encouraged teams to put proposals for projects and programmes forward for consideration. Whilst being mindful of the large projects coming down the line for which match funding may be required, Trustees specifically requested ideas which are related to digital, immersive, or experiential initiatives. A firmer idea of the smaller-scale grant opportunities will be presented in time for the Autumn Board meeting for Trustees to consider. 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 2024125, the Trustees consider that there are no material uncertainties about the charity's ability as a going concern for 12 months 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 Street London EC2A 2AP Bankers Barclays Bank 1 Churchill Place London E14 5HP Investment Managers Sarasin Investment Funds Limited Juxton House 100 St Paul's Churchyard London EC4M 8BU
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2024 Trustees 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 Ms Caro Howell MBE (from 5 July 2023) Dame Judith Mayhew Jonas DBE Officers Mr Jon Card ACA Treasurer (until 30 September 2023) Ms FranGoise Harris, Treasurer (from 1 October 2023) Ms Katie Allwood Secretary Structure, Governance and Management Governing Instrument The Imperial War Museum Development Trust (the Trust) is a registered charity, number 1146784, and was originally constituted as an exempt charity, by a 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 Vh March 2012, existing trustees agreed a further amendment of the Trust Deed, enabling the reconstitution of the Trust in order to give it independence from the Imperial War Museum. The Charity was registered with the Charity Commission 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 the 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 independent trustees. 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 date of his appointment but may be appointed any number of times. The revised Deed of Trust includes a requirement that ensures that replacements for the independent trustees are made prior to their retirement, ensuring compliance with the stipulation that the Trust has a majority of independent Trustees. At the April 2024 Board meeting, Trustees agreed to make update the Development Trust documentation to include that a quorum should consist of two Trustees and the Director-General. All new trustees will be trained through an induction with Imperial War Museum.
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2024 Organisation The trustees are ultimately responsible for the policies, activities and assets of the Trust. The Trustees normally meet twice a year to review the developments with regard to the Trust, and make any important decisions. When necessary, the trustees seek advice and support from the Trust's professional advisers including its bankers and auditors. The day to day management of the Trust's activities is performed by the staff of the Imperial War Museum under an operating agreement. Related parties None of our trustees or key management personnel received remuneration or other benefit from their work with the charity. Connected charities Caro Howell 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 2023124, £119,222 was given to Imperial War Museum, £50,000 to support the third series of the institute Conflicts of Interest podcast, £45,000 to support the War Memorials project, and £24,222 to support the AHRC Early Career Fellowship with Robert Gordon University (2022123, £750,000 towards the Blavatnik Art, Film and Photography Gallies at Imperial War Museum, London, £45,000 to support the War Memorials project), and £47,894 (2022123 - £46.283) was given to the American Air Museum. In addition, £1 million was received for the General Fund from Imperial War Museum (2022123 - £4 million ). Risk Management The trustees have assessed the current risks to which the Trust is exposed, in particular those relating to the specific operational areas of the charity and its finances, and have established an ongoing system of review. The trustees believe that by monitoring reserve levels, by ensuring controls exist over financial systems, and by examining the operational and business risks faced by the Trust, they have established effective systems to mitigate those risks. A risk register for the Development Trust has been set up and is regularly presented to Trustees for review. The ratings relating to risk of breaches in law and regulation (in respect of cybercrime and the implementation of GDPR) 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. Trustees, 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 (United Kingdom Generally Accepted Accounting Practice).
Imparlal War Museum Development Trust Report of the tr¥4Stees For the yoar onded 31 March 2024 The law applicab18 to tharities in England and Wales requires Ihe truste8s to prepare financial slaternents for each ye.ar whlc.h givp 8 two and fair viow of the state of affalrs of Iho tharlly and of the Incorning resources and applIL¢ili of resouices of Ilie charily for that period. In preparing these accounts, th8 trSte88 8re required to.. select sultable accountlng polldes and th8n apply them consistently; observo tho methods and prfnclples In th8 Statement of Recomm8nded Practice {Accoui)ting aiid Reporting by Charities) (t Charities, SaRPI', make judgeinenls and estlmates that are reas(ab]e and prudent; stst8 whether applicable Unlled Klngdom Accountino Standards have been followed. subjer.t tc) any material departur88 di8do8ed and explained in the accounts., an(i prepare the financ.ial state.me.nt8 on the golng concern basis unless it is inapproprlato to presume that Ihe charlly wlll contlnue in operation. The trustees are rBsponslbl8 for keepinA proper il(XOUlltirig récords thai disclose with reasonable accuracy at any lim6 Ihe finanr.iAI posrtlon of the charity and enable them to ensure that Iho accounts comply with Ihe CIiGiritigs Atsl 2011, the Charily {Accouiits and Reports) Regulations 2008 and thp. provlsions of the trust deed. They are also responsiblo for safeguardlng Ihe assets of tho charlty and hence for taking reasvnable slgps for the pr8v6ntion and deleclion of Iraud and oth8r irregiilarlties. This report was approved by Ihe trusieos on and slgned on thelr behalf by F Harrls Data 1711012024 Treasurer
Independent Auditor's Report to the Trustees of The Imperial War Museum Development Trust Opinion We have audited the financial statements of the Imperial War Museum Development Trust for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial slatemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unitèd 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.. give a Irue and fair view of the stale of the charily s affairs as at 31 March 2024, and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We ¢onducted our audit in a¢cordan¢e with International Standards on Auditing {UK} (ISAS IUKI} and applicable law. Our responsibilities undèr thosè standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our rèport. We are independent of the charity 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 olher elhical 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. Concluslons relatlng to golng 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 slalemenls 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 doubl on the charity'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 respecl to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the othér information contained wilhin the annual report. Our opinion on the financial statements does not cover the other information and, except to th8 exlent olh8Mise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibilily is to read the other information and, in doing so, consider whelher the olher information is materially inconsistenl with the 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 apparenl material misstatements, we are required to delermine whether there is a material misstatement in the financial statements Ihemselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required to report that fact. We have nothing to report in this regard.
Independent Auditor's Report to the Trustees of The Imperial War Museum Development Trust Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion.. the information given in the Trustees, Annual Report is inconsistent in any material respect with the financial slatemenls., or the charity has not kept adequate accounting records., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we required for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement sel out on page Ixl, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for SLJch internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misslatemenl, whether due to fraud or error. In pr8paring th8 financial stat8ments, the trustees ar8 r8sponsible for assessing th8 charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either int8nd lo liquida18 the charity or lo c&as8 OP8rations, or havè no realistic altèrnative but lo do so. Audltor'8 Responslbllltle8 for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of 8ssur8nce, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misslalemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of Ihe5e financial slatements. As part of an audit in a¢¢ordan¢e with ISAS IUKI we exercise professional judgement and maintain professional s¢epti¢ism throughout th6 audit. We also.. Identify and assess the risks of material misstalemenl of the financial st8lemenls, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misslalemenl resulting frorn fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order lo design audil procedures that are appropriate in the circumstances, bul not for the purposes of expressin9 an opinion on the effectiveness of the charity's internal control. Evaluate the 8ppropri8teness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
Independent Auditor's Report to the Trustees of The Imperial War Museum Development Trust obtained up to the date of our auditor's report. However, future events or wnditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentstion, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scopè and timing of thé audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanatlon as to what extent the audlt was conslderad capable of detactlng Irregularltle8, Includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misslatemenls in respect of irregularities, including fraud. Th8 8x18nt lo which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are., to identify and assess the risks of material misstatement of the financial statements due to fraud., to obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalemenl due lo fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable lo the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance. W8 assess8d th8 risk of mat8rial misstat8m8nl of the financial statements, including th8 risk of material misstatement due to fraud and how il might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as lo any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non- compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are nol closely related to events and Ir8ns8clions reflected in the financial statements. Also, the risk of not detecting a material misslalemenl due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberale concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 charity's trustees, 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 stale lo the charily s trustees 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 lo any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed. JA LL• Date: 21 October 2024 Moore Klngston Smlth LLP, Statutory audltor 9 Appold Stre8t London EC2A AP Moore Kingston Smith LLP is eligible to act as auditor in lerms of Section 1212 of the Companies Act 2006. io
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The Imperfal War MUUm Developtnent Trust Notès to the Accounts for the 12 months to 31st March 2024 1 A¢¢ounUng Poll¢l•s 8•5is of pparatIOn The financial slalernenls have been prepared in accordance wilh Accounting and Rewrting by Charities.. Slalement of Recomrnended Practice applicable to charities pr8paring their account8 in accordanc8 Wlth the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20151- Ichariues SORP IFRS 1021. the Financial RepDrting Standard applicable In the UK Republl of IreLqnd IFRS 1021. Imp8rial War Museum 08velowi8nt Trust meets th& definition of a public benafil entity undar FRS 102. Assets and liabili118S 8r8 initi8lly recognlséd at h181orical cost or transactlon valuè unless olh8rwls8 slated In th8 relevant accounting pollcy not&8lsl. Havlng révlewed the flnancial position, and th& budgets for 2023124 2nd 2024125, the Iru8188s conslder that th8r8 are no mal8rlal unc&rtainll&8 about th8 charity's abllily to contlnu8 as a golng conc8m for th8 12 monlhs from th8 dal8 of slgning Ih8S8 flnancial 8lat8m8nls. Tru8188s hav8 also r8Vi88d op8ralional plans and exp8nditur88 and hav8 a r8880nabl& exp&ciation that th8 chariiy has adequate r8sourc8s lo continu8 Its actlV11188 for th8 for8s8&abl8 futur8. Accordinoly, Ih&y continu8 to adopt a going concem concern basis In preparing th8se financial slalem8nl8. ltrJcom• Income ¢on$l$ls of donallon$, Invé$tments and rent. Donations are recogn15ed when the charity becornes legalty enlilled to the funds. reslriclion5 attached lo the ilemlsl of Income have been m81. It Is probab18 Ih8t th8 incom8 will b8 r8C8ived and th8 amount can be r88son8bly m888ur8d. Rent is iec&lv6d Quarterly from a leaso hold wlth Imperlal War Muswm fer tho n hold al l¢klelon and Included in the quartor In whlch It 1$ Intere8t R8celv4ble Interest on funds held on deposil and al the bank is included %*hen recwvable 8nd the 8rroJnl c8n be measured reliably by the charity and il 18 probabl8 that the incom8 will b8 received. Exp•ndllur• and Irr•¢ov•r4bl• vat ExpenLlilure is re¢ognised on an a¢¢ruol$ basis in tho p8riod in whieh they are in¢urred. 11 in¢lud6s related VAT which ¢annol be reYer$ed. Ml expens are allocated lo tha appllcabla exp8ndllura headings. Llabllllies 8r8 recognised as axpendilure as soon as th8re18 a legal or conslructlve obllgallon commilllng the charlly to make a paym8nl lo thlrd party, 11 18 probabl8 that a iran8fer of e¢onoml¢ b8nefil$ wlll be r8qulr8d In $eiii8menl and the amount of lh& obllgaiion Can bg m&asured r81iabty. Expenditure Is classlfled under the followlng headlngs.. a. Gffjnl$ p8yable lo the museum are Included In the $181gm8ni of fln8n¢ial 8¢tlvrtie$ when 8pproved. Gren1$ 8pproved but not paid for 81 the of the financlal year are accrued for when the reclplenl has been notified. b. Other grants payable are includeLI in the 51alemenl ol financial 8clivilie8 vthen approved. Gr8nls approved bul not paid for al the end of the flnancial year are accrued for when the recipient has been notified. ¢. Other sundry ¢osis. VAT The Trust reg181ered for VAT from 181 Aprll 2019 and slnce then VAT has been accounted for $8parat81y. Debtors D8blor8 are recognised al Ihelr selll8m?nl amount le88 any provlsions for non-rec0vera11ty. They have been discounted lo the pr8senl value of the futu ¢ash receipt wh&ffj such discounting is mat&ri81. C85h al b8nk and In hand Cash al bank and In hand reprgsenls such accoJn15 and instrumen15 th41 are available on demand have 4 fflalurily of le55 than three TMlhs from the date of acqul81110n. Cr¢dltors Creditors ar& recogn188d where the charity ha8 8 prThI obllgatlon resulting from a past event that wlll prob8bly result in the tran8f&r of fund8 to a third party and the amount due 10 settle the obligation Gan be measured reliably. Creditors are reGognised at the atnount the ch3rity anlicip3tes il will pay lo sellle Ihe debt. Fund 4CCOUntlng Unrestricted general funds are funds which can be used in accordan with the charitable object5 at the discretion of the Trustees. Designated fund5 3re designated 81 the disGrelion of the Irustees in furtherHnGe of the general objeGlives of the Trust. Rostri¢ied funds aro funds subje¢l lo specifi¢ restri¢live ¢onditions imry)sed by donors or by the purposo of the appeal. 14
The Imperial War Mu5eurn Development Trust Note5 to the A¢Gount5 for the 12 month8 to 318t March 2024 Land purcha88d at 1cklelon was valUed on 31 Marth 2023 by professional valuers G&rald Eve In accordance with the Royal Institut8 of Chartered Surveyors guidance notes. Investments Invesltnenls a shown al Tnarket value In the balanc& 5h8el. Changes In the market value are included in the Statement of Finandal Advltles as re81ised and unrealised investment 98ins or losses in the year in which they arise. 2 Donations & Glfts Unr•tytrl¢lwl Fund$ Restrlcted Funds Tc*tsl 2023124 Unrestricted Funds R&strict8d Fund$ Includes th& followlng amount8 Total 2022123 Gffjnt$ from Imp&rial War Mu$&um Tru818 & Foundations 1.000,000 3,513 1,003,513 1,(,000 3,513 1,003,513 4,000.000 10.201 4.010.201 4,WO,O 10,201 4.010,201 3 Invostment Income Unre8trlcl•d Fund• Rostrlcted Fund• Tot•1 2023124 Unr8slrieted Funtls R88trict8d Funds Total 2022123 Inl8r881 rec&lvabl8 Divid8nd8 1 distributions In18resl from deposits Bank Interest Sarasin Fo0$ 56,771 62,814 3,364 47,894 104,665 62,814 3,364 328 171,171 54.514 48,283 100,797 527 97 55.138 527 197 101,521 328 48,222 100 48,383 122,949 4 Expendlture UnltrIct• Fundo R08trlctod Fund8 Total 2023124 Unre$lricled Funds Rtrglricted Funds Total 202W23 Expgnditure on ch8ritabltr activifhs Grants to the Museum Grant5 to the Amerlcan Alr Museum Olher cosis IWM seNlcg fee Bank ond ¢horges Investment Management Feg Audit Othar Legal faes Dlre¢lor'$ In$ur8n¢e 119,222 119,222 47,894 795.000 795,000 46,283 47,894 46,283 2.000 2,000 2,000 34 2,OCQ 1.996 7,168 1,996 7,168 7.668 36 4.176 798 7,668 4,176 2,6B8 2,688 133.076 47,894 180,970 809.712 48,283 855,995 The charlty h88 no &mployees and is run on 8 voluntary basis by the Trust888 and by way of an op8rating 8greement with Imperial War Museum. The trustees CeiVed no mneratIOn for their seNice$ during the year 12022123 - nill. No tru$iegs ¢1Ved reimbursem&nl$ for expenses during the year12022123- nill. The key man8gement of the charity cNnprise Ihe Iru8lees. The lotal remuner81ion paid lo key managemenl personnel was £nil12022123- £nill. Land Land held 3t IckletDn Total 2023124 Total 2022123 720,000 720,0 In May 2019, the Trust pur¢ha$ed the [hOld of 22 a¢re$ of farmland at l¢kleton, at au¢tion. The site ¢on$l$t$ of 18 unlt$ whlch used lo hou$e the Imperial War Museurll's nitrate filrn collecti. 15
The Imperial War Mu5eurn Development Trust Note5 to the A¢Gount5 Investsnents Listed investments are valued at middle market quotation5 ruling at th8 yoar4nd Total 2023124 Total 2022123 Market Value al beginning of ye£r Inveslrnenl in year D151rlbulions In year Cash withdrawn Fund man3getnenl fees N&t Chang8 In mÈrkét valu8 5,033,482 3.739,524 1.500,000 100,797 1100,7971 197 206,239 5.033,482 104,436 1104,4881 12,0681 355,804 5,387,166 Invested a$ follows Sarasin Endowments Funds Class A INC ICS.INS Slerfing Liq-Herilage ACC IBlackrool Cash 3,780,153 1,594,677 12,336 5387 166 3,502,220 1.516,806 14,456 033 482 Inv8818d as follows., Funds Unreslricled Reslricled Total Fund8 3,647,611 1,739,SS5 5387 166 3.422,054 1.611,428 5,033 482 7 Debtor6 Unr•8trlGt•d Fund• RoStrlct•d Fund$ Tctal 2023124 Unr88lrlcted Funtls Restr4cted Funds Total 2022123 Ou• wlthln one yoar A¢¢rued Income Amounts owed by Imperlal War Musoum 88.274 1.000,000 11,917 1th),190 1,000,000 25.188 36,999 1,088,274 11,917 1,100,190 25.188 36,9 8 Cr8dltor8 Unre8trlct8d Fund Re8trlcted Funds Total 2023124 Unre$lrl¢ted Funds R&strl¢ted Funds Total 2022123 Amount ong lo AAM Accruals 38,915 30,915 7,984 46,283 46,283 10,208 7.PB4 10.208 7,9B4 38,915 44,899 10,208 46.283 56,491 nraa galn8 In Transfor Investments b8tw•en fund• At 31 March 2024 9 8tat8mont of Fundo At l Aprfl 2023 Income Exp8ndltur8 Unrestrlcted Yunds G8n8ral Fund Designated Funds Total Unrostrlctsd fund 6.307.822 1.164,158 1133,0761 228.025 1300.0001 300 000 7.266,929 300 000 7.566,929 6.307.822 1.164.158 1133.0761 228.025 R•strlct•d Funds AmeriGan Air Museum Totsl restrlcted funds 1655 732 1,655.732 127 779 127,779 1 783 839 1,783,839 48,222 147,8941 Totsl Fund5 7.963.554 1.212.380 180.971 355.804 9.350,768 Rèstrlcted funds Funds are held on ha of the ArneriGan Air Mu5BurD in Brit3in for inve5trnent wrkK>5BS. Deslgnated funds Al th& October B02rd meeting, a grant was de$ignated toward$ the Duxford Ea$t Play20ne pr(4e¢t. Subsequenuy, at th8 April 8oard meeting It was noted that this grant Maybe reviewed. 16
The Imperial War Mu5eurn Development Trust Note5 to the A¢Gount5 for the 12 month8 to 318t March 2024 10 Conn8Ctod charitlO8 Imperi?1 Warmuseum During th8 year, £119,222 was approvèd lo be tran818rr8d lo Imperial War Museum during Ihe year 12022123 - £795,000). Caro Howdl is a Twslee of the Imperial War Museum Development Trust and Director General of lrnperial War Museum. In adduon. £1 fflilllon was reGeived frorn Itnperlal War Museurn12022123_ £4 tnllllonl. Anwlcan Alrmuseum In 8rttaln A grant of £47,893 12022123 - £46,283) was approved to b& transfèrred to thè Am8ritAn Alr Museum. Caro How811 Is a Iru8t88 of th& Imp8r181 War Museurn Development Trust and a Vice Presid&nl of the Arnencan Air Museum. 17