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 re￿iVed 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 SoUr￿S 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 tr￿Ste88 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.
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The Imperfal War MU￿Um Developtnent Trust
Notès to the Accounts
for the 12 months to 31st March 2024
1 A¢¢ounUng Poll¢l•s
8•5is of p￿paratIOn
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-rec0vera￿11ty. 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 pr￿ThI 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
Unl￿trIct•￿
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$ur8n¢e
119,222
119,222
47,894
795.000
795,000
46,283
47,894
46,283
2.000
2,000
2,000
34
2,OCQ
1.996
7,168
1,996
7,168
7.668
36
4.176
798
7,668
4,176
2,6B8
2,688
133.076
47,894
180,970
809.712
48,283
855,995
The charlty h88 no &mployees and is run on 8 voluntary basis by the Trust888 and by way of an op8rating 8greement with Imperial War
Museum.
The trustees ￿CeiVed no ￿m￿neratIOn for their seNice$ 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 IBlackroo*l
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$ Tc*tal 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$lrl¢ted
Funds
R&strl¢ted
Funds
Total 2022123
Amount o￿ng lo AAM
Accruals
38,915
30,915
7,984
46,283
46,283
10,208
7.PB4
10.208
7,9B4
38,915
44,899
10,208
46.283
56,491
nraa
galn8 In
Transfor
Investments b8tw•en fund•
At 31 March
2024
9 8tat8mont of Fundo
At l Aprfl 2023
Income Exp8ndltur8
Unrestrlcted Yunds
G8n8ral Fund
Designated Funds
Total Unrostrlctsd fund
6.307.822
1.164,158
1133,0761
228.025
1300.0001
300 000
7.266,929
300 000
7.566,929
6.307.822
1.164.158
1133.0761
228.025
R•strlct•d Funds
AmeriGan Air Museum
Totsl restrlcted funds
1655 732
1,655.732
127 779
127,779
1 783 839
1,783,839
48,222
147,8941
Totsl Fund5
7.963.554
1.212.380
180.971
355.804
9.350,768
Rèstrlcted funds
Funds are held on ￿ha￿ of the ArneriGan Air Mu5BurD in Brit3in for inve5trnent wrkK>5BS.
Deslgnated funds
Al th& October B02rd meeting, a grant was de$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