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 con￿rn 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 Un￿rtaIntieS about the
charity's ability as a going con￿rn 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 Offi￿r5 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 eXc￿dS 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 trUSt￿S 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 ￿e￿Ssary, 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 con￿rn 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
prO￿dureS in line with our responsibilities, outlined above. to detect material misstatements in respect
of irregularities, including fraud. The extent to which our prO￿dureS 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 in￿ntiveS 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 cOn￿alment, 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 app￿cable 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 p0￿cY 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 co￿s.
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