Registered Charity No. 1146784 (England & Wales) Imperial War Museum Development Trust Annual Report And Accounts for the year ended 31 March 2025
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2025 The Trustees present their Annual Report and the Financial Statements of the charity for the year ended 315t March 2025. 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) (Second edition, effective 1 January 2019). Our purpose and activities 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 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 perfomiance During the year, Trustees approved a grant of £500,000 to be paid to Imperial War Museum towards the cost of the de-suspension and movement of large objects as part of the Duxford Masterplan. At the November Board meeting Ms Harris explained that American Air Museum (AAM) had requested transfer of their funds held by the Trust be returned to them, as they were taking control of their entire organisation management as of 1 January 2025. Trustees formally approved the repatriation of the funds held for the AAM charity, and a grant of the balan of the funds (£1.8m) due to the AAM was paid during the year 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 unrestricted fund balan of £6,693,503, which equates to the free reserves of the Trust as at 31st March 2025. 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 tts Board meetings.
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2025 Fundraising Policy The Trust receives income during the year from the American Air Museum in Britain. for investment, and from other sources from time to time, including the Imperial War Museum and Trusts 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 to a best practi 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 (2023124 - no complaints). Investment Review and Policy Trustees review cash investments for both the restricted and for the unrestricted funds at each Board meeting. At the September Board meeting, the transfer of £2m funds from the treasury reserves to the Sarasin endowment was approved. 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. At the September Board meeting, Trustees were presented with an options appraisal on the future use of the site and acknowledged that the Trust would tske a loss on the purchase price regardless of whether the srte was sold or demolished. Trustees considered the options available and approved the decision to divest of the site with the maximum possible value. It Was agreed that a current valuation should be undertaken to inform the sale and secure the best offer. In October 2025, the Trust accepted an offer from a third party to purchase the land for £150,000. The cost of returning the land to its original state was estimated in 2017 at £1.5 million.
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2025 Charitsble 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 digttal. immersive. or experiential initiatives. Assessment of Going Concern The Trustees have assessed whether the use of the going conrn assumption is appropriate in preparing these financial statements. Having reviewed the financial position, and the forecast for 2025126 and 2026127. the Trustees consider that there are no material UnrtaIntieS about the charity's ability as a going conrn 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 Haysmac LLP 10 Queen st[t Place. London EC4R 1AG 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 2025 Trustees The trustees and Offir5 serving during the year and Sin the year end up until the date of signing were as follows" Mr Tom Wright CBE (Chair) Mr Keith Cameron Ms Caro Howell MBE Dame Judith Mayhew Jonas DBE Officers Ms FranGoise Harris. Treasurer 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 April 2024. 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 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 Ildvm 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 eXcdS 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 trUStS are made prior to their retirement, ensuring compliance with the stipulation that the Trust has a majority of independent Trustees. At the September Boad meeting, Trustees approved the reappointment of Mr Wright as Chair of the Development Trust for a further term of one year, and agreed to revisit the membership of the Trust following the completion of the wider governan review being undertaken across all Trustee Committees of the Imperial War Museum.
Imperial War Museum Development Trust Report of the trustees For the year ended 31 March 2025 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. This new Deed of Variation was presented to. and approved by, the Board at the April 2025 Meeting. All new trustees will be trained through an induction with Imperial War Museum. Organisation The trustees are ultimately responsible for the policies, activities and assets of the Trust. The Trustees normally meet twi a year to review the developments with regard to the Trust, and make any important decisions. When eSsary, 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 benefrt 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 2024125 £500,000 was given to the de-suspension of large objects at Duxford {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), and £1.8m (2023134 - £47,894) was given to the American Air Museum. No money was received for the General Fund from Imperial War Museum in 2024125 (2023124 - £1 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 finan$, and have established an ongoing system of review. The trustees believe that by monitoring resepie 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 Developrnent 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.
Imperial War Museum Developrnent Trust Report of the trustees For the year ended 31 March 2025 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). 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 the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the trustees are required to: select suitable accounting policies and then apply them consistently" observe the methods and principles in the Statement of Recommended Practice (Accounting and Reporting by Charities) (the Chartties. SORP); make judgements and estimates that are reasonable and prudent., state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts", and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that 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 provisions 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 their behalf by F Harris Date 2S Treasurer
Independent Auditor's Report to the Trustees of The Imperial War Museum Development Trust Opinion We have audited the financial statements of Imperial War Museum Development Trust for the year ended 31 March 2025 which comprise Statement of Financial Activities, Balance Sheet, Statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting practi). In our opinion, the financial statements- give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of the charity's net movement in fvnds for the year then ended" have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. 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 other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going conrn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infornation. The other information comprises the information included in the Report of the Trustees. Our opinion on the financial statements does not cover the other
Independent Auditor's Report to the Trustees of The Imperial War Museum Development Trust information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assuran conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. adequate accounting records have not been kept by the charity. or sufficient accounting records have not been kept., or the charity financial statements are not in agreement with the accounting records and returns., or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees for the financial statements As explained more fully in the trustees. responsibilities statement set out on page 6. 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 such internal control as the trustees detemine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concem, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to ase operations. or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements.
Independent Auditor's Report to the Trustees of The Imperial War Museum Development Trust Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our prOdureS are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the unincorporated charity, and we considered the extent to which non-complian might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and consider other factors such as the taxation environment. We evaluated management's inntiveS and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate joumal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: Inspecting correspondence with regulators and tax authorities., Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud; Evaluating management's controls designed to prevent and detect irregularities., Identifying and testing joumals, in particular journal entries posted with unusual account combinations or with unusual descriptions. and Challenging assumptions and judgements made by management in their critical accounting estimates Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a rnaterial misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional cOnalment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .uklauditorsres onsibilities. This description forms part of our auditorfs report.
Independent Auditor's Report to the Trustees of The Imperial War Museum Development Trust Use of our report This report is made solely to the charity's trustees, as a body. in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity'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 to anyone other than the charity's trustees as a body for our audit work, for this report, or for the opinions we have fomed. Haysmac LLP statutory Auditors 10 Queen Street Place London Date: 26 November 2025 EC4R 1AG Haysmac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 io
The Imperialwar Museum Development Trust Statement of Financial Activities forthe yearto 31st March 2025 Total tunds tor the year to 31st March 2025 Total funds the yearto 31st March 2024 Unrestricted Funds Restrlcted Funds Notes Unrestricted Funds Restrlcted Funds Income Grantfrom Imperialwar Museum Donations & gifts Rental income Investments Total Income 1,000,000 3,513 37.696 122.949 1,164,158 1.000.000 3,513 37.696 171,171 1,212,380 37,696 136,124 173,820 37,696 172,924 210,620 36,800 36,800 48,222 48,222 Expenditure Expenditure on ch8rit8ble 8Ctivities Grantsto Imperialwar Museum Grants to American Air Museum Grants to American Air Museum Endowment Other Total expendlture Net expenditure (Income) and net Gains in investments Loss on revaluation of land 500,000 500,000 80,590 1,815,978 11,896 2,408,464 (2,197,844) 110,579 1570,000) 12,657,265) 119,222 119,222 47,894 80,590 1,815,978 47,894 11,896 511,896 (338,076) 34,650 (570,000) (873.4261 13,854 133,076 1,031,082 13,854 180,970 1,031,410 1,896,568 (1,859,768) 75,929 47.894 328 228,025 127,779 355,804 Net movement in funds (1,783,839) 1,259,107 128,107 1,387.214 Reconciliation of funds Totalfunds broughtforward Total funds carried forward 7,566,929 6.693,503 1,783,839 9,350,768 6,693,503 6.307,822 7,566,929 1,655.732 1,783,839 7,963,554 9,350,768
The Imperialwar Museum DevelopmentTrust Balance Sheet as at 31 st March 2025 Total funds for Totalfundsthe yaarto 31st March 2024 the yearto 31 st March 2025 Unrestricted Fund9 Restricted Fund5 Notes Unrestricted Funds Restricted Funds Fixed Assets: Land Investments 150,000 5,683,846 5,833,846 150,000 5,683,846 5,833,846 720.000 3,647,611 4,367,611 720.000 5,387,166 6,107,166 1,739,555 1.739,555 Current Assets: Cash at bankand in hand Debtors 853,460 18,699 68,497 31 921,957 18,730 2,119,028 1,088,274 69,282 11,917 2,188,310 1,100,191 872,159 68,528 940,687 3,207,302 81,199 3,288,501 Liabilities LreLJitors iaiiing aue witnin oneyear (12,5021 859,657 (68,528) (81,030) 859,657 17,9841 3,199,318 {36,9151 144,899) 3,243,602 Net current assets 44,284 Net assets 6,693,503 6,693,503 7,566,929 1,783,839 9,350,768 Total charity funds 6,693,503 6,693,503 7,566,929 1,783,839 9,350,768 The notes on pages 14 to 18 form part of these financial statements Chairman Approved by the Trustees on OOJLW". z 12
The Imperial War Museum Development Trust Statement of cash flows 31st March 2025 2025 2024 Cash flows from operating activities Net income forthe year Gains on investments {2,657,2651 1,387,214 {110,5791 {355,8041 Loss on land revaluation 570,000 1179,583) 1,081,460 Interest Received (170,6141 11,063,191) 111,592) (213,987) Decrease Ilncreasel in debtors I ncrease (Decrease) in creditors Net cash (used in) generated by Operatlng activitles 36,131 (1,259,836) Cash flows from Investing actlvlties Purchase of investments Fund management fees Cash withdrawn from investments Dividends and interest received {2,000,0001 2,505 1,815,978 174,999 (6,518) 2,068 170,666 172,734 Change In cash and cash equSvalents Cash & cash equivalents in the year Cash & cash equivalents at end of year 11,266,354) 2,188,311 921,957 141,253) 2.229,564 2,188,311 13
The Imperlal War Museum Development Twst Notes to the Account$ for the year to 31st March 202S 1 Accounting Pokncies Basis of preparation The fin8ncisl statements have been prepared in a¢cordanee wth Accounting and Reporting by Ch8rities.- Statement ot Recommended Practice applicabLe to ch8rities preparing their accounts tn accordance with the Financial Reporting Standard appcable in the UK and Republic of Ireland IFRS 1021 (second edition effective 1 January 20191- (Charities SORP IFRS 1021. the Financial Reporting Standard appLic8bLe in the UK and Republic of Ireland IFRS 1021. Imperial War Museum Development Trust meets the (Jefinition ol a public benefit entity under FRS 102. Assets and liabilities are initially recognised ai historical cost ortransaction value unless otherwise stated in the relevant 8¢counting p0cY noteslsl Having reviewed the financial posiiion, and the budgets for 2025126 and 2026127. the trustees consider that there are no rn8teriaL uncertainties 8bout the charity's ability io continue as a going concern forthe 12 months from the dale of signing these financial st8tements. Trusiees have also revised operational plans and expenditures and have a reasonable expe¢tation that the charity has adequate resources to continue its 8¢tivities lorthe foreseeable future. Accordingly. they continue to adopt a going concern concem basis in preparing these financial statements. Income Income consists of donations. investments and rent. Donation$ 8re recognised when the charity becomes legally entitled to the funds. any Testrictions attached to the itemlsl of in¢ome hgve been met. It is probable th8t the income will be received and the amount can be reasonably measured. Rent is received quarterlyfrom a lease heid with Imperialwar Museum for the land held at Ickleton and included in the quarter in which it is rjue. Interest Recelvable Interest on funds held on deposit and at the bank is included when receivable and the amount C8n be measured reliably by the charity and it is robable th8tthe Tncome will be received. Expertditure and Irrecoverable VA T Expenditure is recognised on an accwais basis in rhe period in which they are incurred. It inclu¢Jes related VAT which c8nnot be reversed. All expenses are allocated to the app¢¥ble expenditure headings. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party. it is probable that a transfei of economic benefits wilt be Tequired in settlement and the amount of ihe obligarion can be measured reliably. Expenditure is classified underthe foiEowing headings.. Grants payable to the museum are included in the statement ol tin8nci818ctivities when approved. Grants approved but not paid for at the end of the financial year are accrued for when the recipient has been notified. b. Other grant5 payable are included in the statement of financiaL activities when approved. Grants approved but not P8id for at the end of the financial year are accrued forwhen the recipieni has been notified. c. Other sundry costs. VAT The Trust registered for VATfrom 1st April 2019 and since then VAT has been accounted tor separately. Debtors Debtors are recognised at their settlement amount less any provisions for non-recoverability. 14
The Imperlal War Museum Development Trust Notes to the Accounts forth& y¢8r to 31$t March 2025 Cash atbank andin hand Cash at bank and in hand represents such accounts and instruments that are avaitabie on demand or have a maturity of less th8n three months from the date of acquisition. Creditors Creditor5 are recognisedwhere the charity has a preseni obligation resulting ftom a past eventthat will probably result in the iranster of funds to a third party and the amount due io settle the Ob"gatIOn can be measured retiably. Creditors are recognised at the amount the charity anticipates it will pay to Settle the debt. Fund accounting Unrestricted gener8Lfund$ are fttnds which can be used in accordance with the charitabLe obje¢ts at the discretion of the Trusiees Designated funds are designated at the discreiion of the trustees in furtherance of the general objectives of ihe Trust Restricted funds are funds subject to specific restrictNe ¢ondttion$ imposed by donors or bythe purpose of the appeal Land Land purchased at Ickleton was valued on 31 March 2023 by protessionaLvaluers Gerald Eve in accordance with the Royal Institute of Chartered Surveyors guid8nce notes. The land was revalued after an offer ot£150.000 to purchase the 18nd was accepted in October 2025. Invgstments Investments are shown at market value in the balance sheet. Changes in the martcet vaLue are included in the Statement of Financial Activities as realised and unrealised investment %ains or losses in the year in which they arise. 2 Donations & Gifts Unrestrlcted Funds R¢$tridod Funds Totsl2024125 Unrestricted Funds Restricred Includes the following amounis Funds Total 2023124 Grants from Imperialwar Museum Trusts & Foundations 1,000,000 3.513 1.000.000 3,513 1.003.513 1,003.513 3 Investment Income Unrestrleted Funds Rostri¢ted Funds Total 2024125 Unrestricted Fund$ Restricted Funds Total 2023124 Interest receivable Dividends I distributions Interest from deposits Bank interest Sarasin Fee$ 79.492 55.120 1.512 115.722 55.120 1.512 570 56.771 62.814 3,364 47,894 104,665 62.814 3,364 328 570 328 136.124 36,800 172.924 122,949 48.221 171,171 15
The Imperlal War Museum DevoL¢pmentTrust Notes to the Accounts for the year to 31st March 2025 4 Expenditure Unrestricted Funds Restricted Funds Total2024125 Unrestricted Funds Restricted Funds Total 2023124 Expenditure on charitable activities Grants to the Museum Grants to the American Air Museum Support Costs IWM service fee Bank and charges nvesiment Management Fee Audit Director's Insurance 500.000 500.000 1.896.568 119.222 119,222 47,894 1.896.$68 47,894 2.000 2,000 2.000 2.505 2.505 7.390 1.996 7,168 2,688 133.076 1.996 7.168 2.688 180,970 511,896 1.896.568 2.408.464 47,894 Governance costs consist of Audit fees ot £7.39012023124-È7,1681 as noted above undersupport cos. The ¢harity has no employees and is run on a voluntary basis by the Trustees and by w8y of an operating agreement with Imperialwar Museum. The trustees received no remuneration foi their services duringthe ye8r12023124- nil). No trustees received reimbursements lor expenses during th8 year12023124- nil). The key management of the charity Comprise the trustees. The total remuner*ion p8id to key management personnel was £nil12023124- Enill. 5 Land Land held at Ickleton Total 2024125 Total 2023124 Value at 1 April 2024 Impairment due ID revaluation Value at 31 sr March 2025 720,000 1570.0001 150.000 720,000 720,000 In Nay 2019, the Trust purchased ihe freehold of 22 acres of famiL8nd at Ickleton. at auction. The slte consists 0118 units which used to house the Imperial War Museum's nitrate film couection. An offer of £150,000 to purchase the L9nd held at Ickleton was received on 24th July 2025. This offerw85 accepted by WM, and IWM solicitors Mills and Reeve were instructed to proceed with the sale on October 17th 2025. Following on from this decision, Ickleton was restated to the sale offer. resulting in an imrnedi8te impairment of £570.000. 16
The Imporial War Museurn DevelopmentTrust Notes to th¥ Accounts for the yearto 31st March 2025 6 Investments Listad inv85trnents ar• valued at middle rnarket quotations rullng atthe year4nd Total 2024125 Total 2023124 Market Value at beginning of year Investment in year Distributions in year Cash withdrawn Fund managemenr fees Net Change in market value 5.387.166 2.000.000 122.952 11.934.356) 12.4951 110,579 5.683.846 5.033.482 104.436 1104,4881 12,0681 355,804 5.387.166 Invested as follows Sarasin Endowments Fund5 Cla55 A INC IC&INS Sterling Liq-Heritage ACC (Blackrockl Cash 3.997.343 1.675.219 11,284 5 683 846 3,780.153 1,594.677 12,336 5 387 166 Invested as follows., Funds Unrestricted Restricted Total Funds 5.683,846 3.647.611 1,739,555 5,387,166 5.683.846 7 Debtors Unrestrlcted Funds Restri¢t¢d Funds Total 2024125 Unrestricted Funds Restricted Funds Total 2023124 Due within ont y*8r Accrued Income Amounts owed by Imperialwar Museum 18.699 31 18,730 88,274 11,917 100.190 1,000.000 1,000.000 18.699 31 18.730 1.088,274 11.917 1,100.190 8 Creditors Unrestrlcted Funds Restrleted Unrestricted Funds Restricted Funds Total 2024125 Funds Total 2023124 Amount owing to AAM Accruals 68.528 68.528 12.502 36.915 36.915 7.984 12,502 7,984 12.502 68.528 81.030 7,984 36.915 44.899 17
The ImperialW8rMu$eum DevelopmentTrust Notes to the A¢¢ount$ for the year to 31 st March 2025 Unrealised I Reallsed gains Transfer Expenditure in investments b8tW88n funds At 31 March 9 Stat•m&nt of Funds At 1 April2024 Income 2025 Unrestrlcted funds General Fund Designated Funds Total UnrestrÉcted funds 7.266.929 300.000 7.566.929 173.820 1511.8961 1535.3501 300,000 1300,0001 6.693.503 173.820 1511.8961 1535.3501 6,693.503 Restricted Funds American Air Museum Total restricted funds 1.783.839 1.783.839 36.800 36.800 11.896.568) 11.896.5681 12.408,4641 75.929 75.929 Total Funds 9,350,768 210,620 1459.4211 6.693,503 Restricted funds Funds held on behalf of the American Air Museum in Btit8in for investment purposes were granted ba¢kto the AAM in 2025. Designated funds At the October Board meeting. a gfantwas designated towards the Duxlord East ptayzone project. Subsequently. at the April Board meeting it was noted that this grant may be reviewed. These ftjftds were undesign8ted when it W8$ noted thattheywere not needed for the fullyfunded project. 10 Connected charities Imperi81 Warmuseum During the year, £SOO,000 was approved to be translerred to Imperialwar Museum during the year12023124- E119.2221. Caro Howell is a Trustee of the Imperial War Museum Development Trust and Director General ot IrnperialW8r Museum. In addtion. £niL was received Irom ImperiaLWar Museum12023124- £1 million). American Airmuseum in Britain A grant ot £1,896.5681202W24- £47.8931 was approved to be transferred to the Arnerican Air Museum in respect of funds held for Tnvestment on beh8lf of the AAM by the Trust. Caro Howell is a irustee of the Imperial War Museum Development Trust and Vice Chair of the American Air Museum. 18