OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

ROYAL MUSEUMS GREENWICH FOUNDATION TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Registered company No: 08002287 Charity No: 1147279

ROYAL MUSEUMS GREENWICH FOUNDATION

CONTENTS
Trustees and Advisors 2
Trustees’ Report 3
Independent Auditor's Report 7
Statement of Financial Activities 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements 14

Page 1

ROYAL MUSEUMS GREENWICH FOUNDATION

TRUSTEES AND ADVISORS FOR THE YEAR ENDED 31 MARCH 2021

Trustees Mr N C L Macdonald (Chairman)
Ms E N Boddington (Retired March 2021)
Mr J H Penn
Mr Alastair MacAulay (Appointed March 2021)
Foundation Secretary Mr Neil Kennedy
Registered Office Park Row
Greenwich
London
SE10 9NF
Independent Auditor Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
Bankers HSBC Bank Plc
28 Borough High Street
London
SE1 1YB
Barclays Bank Plc
1 Churchill Place
London
E14 5HP

Page 2

ROYAL MUSEUMS GREENWICH FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Structure, Governance and Management

The Royal Museums Greenwich Foundation is a company limited by guarantee, with charitable status, incorporated on 22 March 2012. The company registration number is 08002287 and it is governed by its Memorandum and Articles.

The Foundation is a registered charity, number 1147279, and benefits from the relevant exemptions from tax on its income and gains. Its principal office is at Park Row, Greenwich, London SE10 9NF. Company and charity registrations are in England and Wales.

Constitution

The Foundation was created under a trust to provide funds to advance, as far as may be exclusively charitable, the education of the public in the sea, ships, time and the stars, and their importance and relationship with people, in particular (but without limitation) by promoting or supporting such of the charitable objects of the National Maritime Museum as the Trustees of the Charity shall determine from time to time.

Trustees

The Trustees who served during the period were:

Mr N C L Macdonald (Chair)

Ms E N Boddington Mr J H Penn

Mr A C MacAulay

The Trustees generally meet twice in 12 months. During the year ended 31 March 2021 the Trustees met twice - on 12 November 2020 and 17 March 2021. All strategic decisions are made by the Trustees at their meetings but Trustees are also empowered to make decisions electronically and these are ratified at the Trustees' subsequent meetings.

Elected Trustees are appointed by the Trustees (excluding any Nominated Trustees) provided the person is eligible under Article 5.3 of the Articles of Association. Nominated Trustees are nominated by the Board of Trustees of the National Maritime Museum, and appointed by the Elected Trustees provided always that no nomination shall be made at any time if it would result in the number of Nominated Trustees being equal to or exceeding the number of Elected Trustees. A governance pack is provided to all new Trustees as part of the induction process and training is offered as and when required.

Public Benefit

The Royal Museums Greenwich Foundation operates for the public benefit through its objective to advance the education of the public in the sea, ships, time and the stars, and their importance to and relationship with people. In agreeing this statement of public benefit the Trustees confirm that they have paid due regard to the Charity Commission guidance. The charity’s objectives and activities are set out below.

Page 3

ROYAL MUSEUMS GREENWICH FOUNDATION

Objectives and Activities

The Royal Museums Greenwich Foundation provides funding to advance the education of the public in the sea, ships, time and the stars, and their importance to and relationship with people, in particular (but without limitation) by promoting or supporting such of the charitable objects of the National Maritime Museum as the Trustees of the Charity shall determine from time to time and (save for purposes incidental and ancillary to these objects) no other purposes.

The Foundation welcomes grant applications from other charitable organisations. The Trustees of the Foundation may agree to grant funds to organisations provided the application demonstrates a contribution towards charitable purposes in any way connected with or calculated to further the Objects of the Foundation.

The financial statements show net income for the period of £277,531.

In accordance with the Foundation's charitable objectives, during the period the Trustees made the following payments:

In addition, the Foundation receives information from the National Maritime Museum of its intention to raise bids for certain future projects. It remains the case that the Museum continues to fundraise for all its major projects. The Foundation therefore provides indications of conditional support to the National Maritime Museum and at the year-end these amounted to £ Nil. The closedown by year-end of all Museums as a result of the Covid-19 crisis means that it was not possible to estimate the level of future requests for funding.

Since the Foundation was established in 2012, it has awarded and paid £5.8 million in grants to National Maritime Museum and National Maritime Museum Cornwall.

Related parties

The National Maritime Museum is a related party to the Foundation. Transactions with the National Maritime Museum during the period to 31 March 2021 are disclosed in note 11 to the financial statements.

Investment policy and performance

The Foundation's cash assets are held in easy access bank accounts to ensure funds are available on demand to meet the Foundation's charitable objectives. Investment income consists of £7,223 bank interest generated during the period.

Principal risks and uncertainties

The Trustees consider that the principal risks facing the Foundation and their mitigations are as follows:

Page 4

ROYAL MUSEUMS GREENWICH FOUNDATION

Risk and impact Mitigation
1. Poor management of funds leads to less
than optimum returns.		 Managed through the Foundation's
investment policy which seeks to balance
risk with return and liquidity to grant
projections.
2. Poor control of funds leads to loss of
funds through fraud.		 The Trustees contract the National Maritime
Museum to supply financial and governance
services under a Service Level Agreement.
As a public body the Museum operates
rigorous, and externally audited, financial
control procedures to mitigate this risk.
3. Failure to comply with the frequently
changing regulatory environment could
result in reputational damage or
financial penalty.		 The Trustees request and receive good and
timely alerts and advice from their
professional advisors which are actioned
accordingly.

Reserves policy

At the end of the period the charity held reserves of £3,815,687.

Annually the Trustees review and approve the level of reserves to ensure that it is adequate to meet future commitments of the Foundation and the Trustees consider the current level of reserves is adequate. This review takes into account future income to the extent it can be anticipated, the Foundation’s investments, the cash flow projections of projects which have been approved and other known projects pending application, and the anticipated operating costs of the Foundation.

Future plans

There are no current plans to amend the structure, strategy or objectives of the Foundation. The Foundation will continue to fulfil its objectives through grant funding activities and the Trustees have continued to receive and consider grant applications since the financial year end.

Reversal of an Award in the prior financial year

The award of a Grant to the National Maritime Museum in support of the Cutty Sark 150 Enrichment project, which was accrued at 31 March 2019, was cancelled in the year to 31 March 2020 owing to material differences in the detailed plans of the Cutty Sark infrastructure that emerged after the agreement was signed. This change in circumstances means that it was no longer possible for the project to be delivered, and the Trustees concluded that the award should be terminated. No similar reversals occurred in the current financial year.

Impact of Covid-19

The Foundation’s activities have not been directly affected by the Covid-19 pandemic. The Board meetings on 12 November 2020 and 17 March 2021 were conducted via an online meeting call.

Royal Museums Greenwich Foundation as a going concern

Investments are held in cash on deposit with major international banks. There are no paid staff and the cost base is low and kept under close review. Grants are only made from secured

Page 5

ROYAL MUSEUMS GREENWICH FOUNDATION

funds and commitments do not exceed cash at bank. On this basis, the Trustees consider that RMGF is a Going Concern for at least 12 months from the date of these Accounts.

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees' report and the 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 & Wales requires the Trustees to prepare financial statements for each financial 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 financial statements, the Trustees are required to:

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 financial statements 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.

The Trustees also confirm that they have made all necessary enquires and taken such steps that they ought to, to ensure that they become aware of any relevant audit information and that they confirm that the charitable company’s auditors have been made aware of such information. In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Trustees on 10 November 2021.

Nigel C L Macdonald ----------------------------------------------------------------------------------Mr N C L Macdonald Mr N Kennedy Chair Secretary

Page 6

ROYAL MUSEUMS GREENWICH FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROYAL MUSEUMS GREENWICH FOUNDATION FOR THE YEAR ENDED 31 MARCH 2021

Opinion

We have audited the financial statements of Royal Museums Greenwich Foundation for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the 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 Practice).

In our opinion, the financial statements:

Basis for opinion

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 Auditor’s 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 evidence 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 charitable company'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 respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 7

ROYAL MUSEUMS GREENWICH FOUNDATION

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 statements 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page , the trustees (who are also the directors of the charitable company for the purposes of company law) 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 determine 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

ROYAL MUSEUMS GREENWICH FOUNDATION

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 assurance 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 influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to health and safety and data protection legislation and we considered the extent to which non-compliance 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 Companies Act 2006 and the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

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.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 9

ROYAL MUSEUMS GREENWICH FOUNDATION

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

________ Jane Askew (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place, London EC4R 1AG

Date: 8 December 2021

Page 10

ROYAL MUSEUMS GREENWICH FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Income from:
Notes
Donations and legacies
2
Income from investments
3
Total income
Expenditure on:
Charitable activities:
Grants reversed
4
Other expenditure
4
Total expenditure
Net income
Funds brought forward at 1 April 2020
Funds balance at 31 March 2021		 2021
2021
2021
2020
Restricted
Unrestricted
Total
£
£
£
£
40,000
243,235
283,235
894,188
-
7,223
7,223
14,167
40,000
250,458
290,458
908,355
-
-
-
(176,827)
-
12,926
12,926
11,220
-
12,926
12,926
(165,607)
40,000
237,531
277,531
1,073,963
-
3,538,156
3,538,156
2,464,193
40,000
3,775,687
3,815,687
3,538,156

All operations of the fund continued throughout the period and no operations were acquired or discontinued.

All activities in 2020 were unrestricted, whilst in 2021 activities were both restricted and unrestricted.

The notes on pages 14 to 18 form part of these financial statements.

Page 11

ROYAL MUSEUMS GREENWICH FOUNDATION

BALANCE SHEET

FOR THE YEAR ENDED 31 MARCH 2021

Current Assets
Notes
Debtors : amounts falling due withi
7
Cash at bank
Total Current Assets
Creditors
Creditors : amounts falling due within one year
Creditors : amounts falling due after one year
8
Net Assets
Represented by:
Designated Funds
9
Restricted Funds
9
Unrestricted funds
10
Total Funds		 2021
2021
2021
2020
Restricted
Unrestricted
Total
£
£
£
£
40,000
228,008
268,008
893,786
-
3,650,929
3,650,929
2,877,470
40,000
3,878,937
3,918,937
3,771,256
-
103,250
103,250
233,100
-
-
-
-
-
103,250
103,250
233,100
40,000
3,775,687
3,815,687
3,538,156
-
-
-
-
40,000
-
40,000
-
-
3,775,687
3,775,687
3,538,156
40,000
3,775,687
3,815,687
3,538,156

The financial statements on pages 11 to 18 were approved and authorised for issue by the Trustees on 10 November 2021 and are signed on their behalf by:

Ni el C L Macdonald g

Mr N C L Macdonald Chairman

The notes on pages 14 to 18 form part of these financial statements.

Page 12

Royal Museums Greenwich Foundation

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Notes
Net cash provided by operating activities
A
Cash flows from investing activities
Interest income
Cash provided by investing activities
Increase in cash and cash equivalents in the
year
Cash and cash equivalents at the beginning of the
year
Total cash and cash equivalents at the end of the
year
A. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM
OPERATING ACTIVITIES
Net income for the reporting period
Interest income
Decrease/(increase) in debtors
Decrease/(increase) in creditors
Net cash provided by operating activities		 2021
2020
£
£
766,236
338,324
7,223
14,167
7,223
14,167
773,459
352,492
2,877,470
2,524,978
3,650,929
2,877,470
2021
2020
£
£
277,531
1,073,963
( 7,223)
( 14,167)
625,778
( 513,951)
(129,850)
(207,520)
766,236
338,324

The notes on pages 14 to 18 form part of these financial statements.

Page 13

ROYAL MUSEUMS GREENWICH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Basis of Accounting

The financial statements are preared under the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice : Accounting and Reporting by Charities second edition - effective 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Royal Museums Greenwich Foundation meets the definition of a public benefit entity under FRS 102.

Income

All income is included in the statement of financial activities when the Charity is entitiles to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is recognised on an accruals basis in the period in which they are incurred or commited. Expenditure includes unrecoverable VAT.

Expenditure on charitable activities comprise grants awarded in the period the costs associated with the delivery of the charity's activities and includes both costs that can be allocated directly to activities and costs of an indirect nature necessary to support them.

Governance costs and administation expenditure are included in other expenditure. The costs of governance arrangements which relate to the general running of the charity, including strategic planning for its future development, external audit, any legal advice for the trustees, and all costs of complying with constitutional and statutory requirements, such as the costs of Trustee meetings and of preparing the statutory accounts and satisfying public accountability.

As noted elsewhere in the accounts the trustees did not receive any emoluments during the period.

Funds

Unrestricted funds are donations and other income receivable or generated for the objects of the charity. Restricted funds are donations receivable for specific objects of the charity.

Preparation of accounts on a going concern basis

The trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.

Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 14

ROYAL MUSEUMS GREENWICH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2021

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis.

In the view of the Trustees, the recognition of liabilities for future grant commitment is an area of judgement significant to the accounts as the timing of these payments is not always predictable, particularly for multi-year grants. There are no other assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date or critical judgements that are likely to result in a material adjustment to carrying amounts in the next financial year.

Page 15

ROYAL MUSEUMS GREENWICH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2021

2021
2021
2021
2020
Restricted
Unrestricted
Total
2
Income from donations and legacies
£
£
£
£
Donations from the National Maritime Museum
-
243,235
283,235
894,188
Donations from Third parties
40,000
-
-
-
40,000
243,235
283,235
894,188
3
Income from investments
Bank interest receivable
-
7,223
7,223
14,167
4
Expenditure
Direct costs Support costs
Total
2021
2021
2021
£
£
£
Expenditure on charitable activities
Administration
-
6,035
6,035
Bank fees
-
54
54
Insurance
-
1,587
1,587
-
7,676
7,676
Governance costs
Audit fees
-
5,250
5,250
-
5,250
5,250
Total expenditure
-
12,926
12,926
Expenditure
Direct costs Support costs
Total
2020
2020
2020
£
£
£
Expenditure on charitable activities
Grants reversed
(176,827)
-
(176,827)
Administration
-
6,035
6,035
Bank fees
-
85
85
(176,827)
6,120
(170,707)
Governance costs
Audit fees
-
5,100
5,100
-
5,100
5,100
Total expenditure
(176,827)
11,220
(165,607)		 2021
2021
2021
2020
Restricted
Unrestricted
Total
2
Income from donations and legacies
£
£
£
£
Donations from the National Maritime Museum
-
243,235
283,235
894,188
Donations from Third parties
40,000
-
-
-
40,000
243,235
283,235
894,188
3
Income from investments
Bank interest receivable
-
7,223
7,223
14,167
4
Expenditure
Direct costs Support costs
Total
2021
2021
2021
£
£
£
Expenditure on charitable activities
Administration
-
6,035
6,035
Bank fees
-
54
54
Insurance
-
1,587
1,587
-
7,676
7,676
Governance costs
Audit fees
-
5,250
5,250
-
5,250
5,250
Total expenditure
-
12,926
12,926
Expenditure
Direct costs Support costs
Total
2020
2020
2020
£
£
£
Expenditure on charitable activities
Grants reversed
(176,827)
-
(176,827)
Administration
-
6,035
6,035
Bank fees
-
85
85
(176,827)
6,120
(170,707)
Governance costs
Audit fees
-
5,100
5,100
-
5,100
5,100
Total expenditure
(176,827)
11,220
(165,607)		 2021
2021
2021
2020
Restricted
Unrestricted
Total
2
Income from donations and legacies
£
£
£
£
Donations from the National Maritime Museum
-
243,235
283,235
894,188
Donations from Third parties
40,000
-
-
-
40,000
243,235
283,235
894,188
3
Income from investments
Bank interest receivable
-
7,223
7,223
14,167
4
Expenditure
Direct costs Support costs
Total
2021
2021
2021
£
£
£
Expenditure on charitable activities
Administration
-
6,035
6,035
Bank fees
-
54
54
Insurance
-
1,587
1,587
-
7,676
7,676
Governance costs
Audit fees
-
5,250
5,250
-
5,250
5,250
Total expenditure
-
12,926
12,926
Expenditure
Direct costs Support costs
Total
2020
2020
2020
£
£
£
Expenditure on charitable activities
Grants reversed
(176,827)
-
(176,827)
Administration
-
6,035
6,035
Bank fees
-
85
85
(176,827)
6,120
(170,707)
Governance costs
Audit fees
-
5,100
5,100
-
5,100
5,100
Total expenditure
(176,827)
11,220
(165,607)
40,000 243,235
283,235
894,188
- 7,223
7,223
14,167
Direct costs Support costs
Total
2021
2021
2021
£
£
£
-
6,035
6,035
-
54
54
-
1,587
1,587
-
7,676
7,676
-
5,250
5,250
-
5,250
5,250
-
12,926
12,926
Direct costs Support costs
Total
2020
2020
2020
£
£
£
(176,827)
-
(176,827)
-
6,035
6,035
-
85
85
(176,827)
6,120
(170,707)
-
5,100
5,100
-
5,100
5,100
(176,827)
11,220
(165,607)

All grants were awarded to institutions. An analysis of grants awarded is provided in the Trustees' report. The Trustees neither received nor waived any emoluments during the period. No trustees received reimbursement for expenses during the period.

Page 16

ROYAL MUSEUMS GREENWICH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2021

5 Net income 2021 2020
This is stated after charging: £ £
Auditors' remuneration 5,250 5,100
6 Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purpose.
2021 2020
7 Debtors : amounts falling due within one year £ £
Accrued interest 8 786
Accrued income 268,000 893,000
Total debtors 268,008 893,786
2021 2020
8a Creditors : amounts falling due within one year £ £
Accrued grants 98,000 130,000
Accruals 5,250 5,100
103,250 135,100
8b Creditors : amounts falling due after one year
Accrued grants - 98,000
Total Creditors 103,250 233,100
9 Analysis of net assets between funds
2021 2021 2021 2021 2020
Restricted Designated Unrestricted Total Total
Funds Funds Funds Funds Funds
£ £ £ £ £
Current assets 40,000 - 3,878,937 3,918,937 3,771,256
Current liabilities - (103,250) (103,250) (233,100)
Net assets at 31 March 2020 40,000 - 3,775,687 3,815,687 3,538,156
10 Movement in funds At 31 March At 31 March
2020 Income **Expenditure ** Transfers 2021
£ £ £ £ £
Designated Funds - - - - -
Restricted Funds - - - 40,000 40,000
Unrestricted Funds 3,538,156 290,458 (12,926) (40,000) 3,775,687
Total Funds 3,538,156 290,458 (12,926) - 3,815,687
Movement in funds At 31 March At 31 March
2019 Income **Expenditure ** Transfers 2020
£ £ £ £ £
Designated Funds 67,500 - - (67,500) -
Restricted Funds - - - - -
Unrestricted Funds 2,396,693 908,355 165,607 67,500 3,538,156
Total Funds 2,464,193 908,355 165,607 - 3,538,156

Restricted funds are donations receivable for specific objects of the charity.

Page 17

ROYAL MUSEUMS GREENWICH FOUNDATION

MANGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2021

11 Related parties

During the year the Royal Musems Greenwich Foundation has had various transactions with other entities, as set out below:

Related Party
Nature of Relationship
National Maritime Museum
National Maritime Museum
Trustee for the related party, Jeremy
Penn served as Trustee during the
year.
Trustee for the related party, Jeremy
Penn served as Trustee during the
year.		 Value of
income received
during the year
Value of
expenditure
during the
year
£'000
£'000
243
Grants received
0
Grants made to
NMM
243
0

At the year end there is a creditor balance of £98,000 (£228,000, 2020) - see note 8a and a debtor balance of £243,000 (£893,000, 2020) see note 7.

Page 18

The following page does not form part of the statutory financial statements which are the subject of the independent auditor's report on pages 7 to 10.

Page 19

ROYAL MUSEUMS GREENWICH FOUNDATION

Detailed Analysis of Movement in Funds

FOR THE YEAR ENDED 31 MARCH 2021

10 Movement in Funds 2020 Inc Exp Trans 2021
Designated Funds - - - - -
Restricted Funds 40,000 40,000
Unrestricted Funds 3,538,156 290,458 (12,926) (40,000) 3,775,687
Total Funds 3,538,156 290,458 (12,926) - 3,815,687
Analysis of Note 10. Movement in Funds
Designated Funds 2020 Inc Exp Trans 2021
Enrichment 18-19 - - - - -
Total Designated - - - - -
Restricted Funds 2020 Inc Exp Trans 2021
Donations from Third parties
APY 13 Prize - 5,000 - - 5,000
Seafarer Conference - 10,000 - - 10,000
Tudors to Windsors - 25,000 - - 25,000
Total Designated - 40,000 - - 40,000
Unrestricted Funds
Brought Forward 3,538,156 - - (40,000) 3,498,156
Transfers Approved Grants - - - - -
Grants - - - - -
WEB - - - - -
Digital Trans Ph 4 19-20 - - - - -
NMMC April 19 - - - - -
NMMC April 20 - - - - -
CS150 - - - -
CS Enrichment Ph 1 19-20 - - - - -
Other - - - - -
Bank Interest - 7,223 - - 7,223
Donations - 283,235 - - 283,235
Audit Fees - - (5,250) - (5,250)
ICO - - (35) - (35)
Service Level Agreement - - (6,000) - (6,000)
Bank Fees - - (54) - (54)
Insurance - - (1,587) - (1,587)
Total Unrestricted 3,538,156 290,458 (12,926) (40,000) 3,775,687
Total Funds 3,538,156 330,458 (12,926) (40,000) 3,815,687

Page 20