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2023-03-31-accounts

ROYAL MUSEUMS GREENWICH FOUNDATION TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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 2023

Trustees Mr N C L Macdonald (Chair) (Retired December 2022)
Mr J H Penn (Chair) (Appointed December 2022)
Mr Alastair MacAulay
Mr Antony Hales (Appointed December 2022)
Foundation Secretary Mr Neil Kennedy (Retired March 2023)
Mrs Jane Costantini (Appointed March 2023)
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 2023

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) (retired December 2022)

Mr J H Penn (Chair) (Appointed December 2022)

Mr A C MacAulay

Mr Antony Hales (Appointed Dec 2022)

The Trustees generally meet twice in 12 months. During the year ended 31 March 2023 the Trustees met twice - on 10 November 2022 and 20 March 2023. 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.

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

Page 3

ROYAL MUSEUMS GREENWICH FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

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 £2,966,051

The Foundation made grants of £40,000 to the National Maritime Museum to fund the costs of the Astronomy Photographer of the Year , maritime research and special exhibition.

There is an accrued grant of £98,000 which is the second tranche of approved funding for digital projects at the museum. It is expected that this will be drawn down in 2023/24

Since the Foundation was established in 2012, it has awarded and paid £5.9 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 2023 are disclosed in note 11 to the financial statements.

Investment policy and performance

The Foundation from time to time maintains significant cash balances pending receipt and approval of suitable grant applications.

It is important to Trustees that these balances are suitably invested to earn returns commensurate with the objects of the charity and the risks which are acceptable to Trustees. Investments are therefore limited to bank deposits and short-dated investment-grade debt instruments where the volatility of capital values is low.

The Foundation's cash assets are held in easy access or short-term deposits. The balance was £7.72m as at 31[st] March 2023. Investment income of £70,709 was generated during the period, a return of 1%.

Page 4

ROYAL MUSEUMS GREENWICH FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Principal risks and uncertainties

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

Risk and impact
Mitigation		 Risk and impact
Mitigation		 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

Annually the Trustees review and consider the level of reserves that would be adequate to meet future commitments of the Foundation, and likely potential commitments even if they have not crystallised.

Currently, the Trustees are aware of another significant project that the NMM wishes to develop at the Royal Observatory, and for which plans are in preparation. Although no grant applications have yet been made, and hence no formal commitments exist, Trustees consider that in the light of this a level of reserves of between £10m and £11m would be appropriate. The level of reserves held by the charity as at 31 March 2023 is £10,569,389 (unrestricted) in line with this established Reserves policy.

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.

The Foundation does not carry out fundraising activities or actively solicit donations and therefore there is nothing to report in this regard.

Page 5

ROYAL MUSEUMS GREENWICH FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

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 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 certification 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 enquiries 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 8 November 2023.

----------------------------------------Mr J H Penn Chair

------------------------------------------Mrs Jane Costantini 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 2023

Opinion

We have audited the financial statements of Royal Museums Greenwich Foundation for the year ended 31 March 2023 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

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROYAL MUSEUMS GREENWICH FOUNDATION FOR THE YEAR ENDED 31 MARCH 2023

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 3 , 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

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROYAL MUSEUMS GREENWICH FOUNDATION FOR THE YEAR ENDED 31 MARCH 2023

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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material 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 concealment, 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.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 9

ROYAL MUSEUMS GREENWICH FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROYAL MUSEUMS GREENWICH FOUNDATION FOR THE YEAR ENDED 31 MARCH 2023

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.

Richard Weaver (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London Date: 11 December 2023 EC4R 1AG

Page 10

ROYAL MUSEUMS GREENWICH FOUNDATION STA TF.￿fF.IT OF FINANCIAI. AC'TIVITIF.S FOR THE TrEAR ENDED 31 P*l.4RCH 2023 2023 2023 2023 Total 2022 Income fTOm= Notes Restricted Unrestricted Donations and legacies 2.950.297 2.950.297 3,800.312 IneornL from invcsimLnis 70.709 70.709 529 Total in¢ome 3.021.(H16 3.021.1)a6 3.800.841 Expenditure on: Ch&riiablL aciivitics.. CJfdllt% dw￿ded Otlier ¢xpeiiditure 40.000 40.000 14.955 14,955 13.190 Total expenditure 4V.VOO 14.955 54.955 13.190 Iyet lexpellditurellilleome 14U,0001 3.006.U51 2.966.051 3,787.651 Fut]ds brought forn?rd at l April 2022 40.000 7.563.338 7.603.338 3,815.687 Funds balanee at 31 Mareh 2023 10.569.389 10.569.389 7,603.338 All op¢ration5 of the fund continu¢d throughout the period and no operations were acquired or discontinued. All aciiwiliLS in 2023 %VLrc t(Trih rcstriLtcd and unrLsIriciL￿. The p7nie.F onwJge.F 14 18form parr nf1he.FefIF￿nQl0I.Ftttl￿mEp1I.f

ROYAL MUSEUMS GREENWICH FOUNDATION RII.ANCF. SHF.F.T FOR THE TrEAR ENDED 31 P*l.4RCH 2023 2023 2023 2023 Total 2022 Restricted Unrestricted Current Assets l)ebiors '. ainounts falling due within one v¢ar C'ash at bank Totsl Current Assets Notes 2.955.141 7.719.388 10.674.529 2.955.141 7.719.388 10.674.529 3.800.133 3.906.465 7,706.798 Creditors Creditors umount4 falling (lue withiii one y¢ar Cr¢ditor5 amounts falling du¢ after oiie Near 105.14a 105.140 103.460 105.14V 105.14U 103.460 Net Assets 10.i69,389 10.569,381) 7,603.338 Represented by: Desigiiaied l.-Iind5 RcstriLtcd Funds lJnrestriLted funds 40,000 7,563.338 io 10,569,389 10,569,389 TotAI Funds 10,569,389 10,569,389 7.603.338 ThL finanLial siaicmLnis on pagcs I I to 18 WLrL approvcd and auihorisLd for issu¥ bj IhL Trusiccs on 8 NoNLmbL"r 2023 and arc signcd on Ihcir bLhaifb>'. Jetewy Peky MrJHPenn Chairman The kloies onpdges 14 Eo 18forin parr ofihe.Fefinunciul.FiaiÉmEIIIS Pgge 12

Roy#l Mu$ellm$ Grttnwith Foundatio STA TF.￿fF.IT OF CASH FI.ONI'S FOR THE TrEAR ENDED 31 P*l.4RCH 2023 2023 2022 Notes N¢t cash provided by OP¢Taling aciii'ities 3.742.214 255.007 Cas11 fl0i4.s t'rorn i￿￿¢S1￿Mg activities InicrLSi inLomc 70.709 529 Cash provide(I b￿. investing activities 7O.7a9 529 Increase in cash and cash equiTralenis in the vear 3.812.923 255,536 Cagh t￿h e4uivalenis ai Ihe beginning ofihe 3.90C).465 3.650.929 'I"otal cash and cash equii'alents at the end of the 7.719.388 3.906.465 A. RECONCILIA TION OF NET INCOME TO NET CASH FLOII.. FROM OPF.RATING ACTIVITIF.S 2023 2022 Net income for the reporting period Interesi income DecreaAlincreasel in dtbiors DcLrL&lincrLaSLI in crLdiiors 2.966.051 (70,70YI 845.192 1.680 3,787.651 15291 13,532.3?51 210 Nei L￿h PTovided by opeTaling aLlivities 3.742.214 25i.007 The unpugvs 14 iv 18furm (Jfili¥svfiwnciul&iulemeNIJ.

ROYAL MUSEUMS GREENWICH FOUNDATION NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDEDJI MARCH 21123 Accounting policie5 Basis of Atcouthting Th¢ finanLial slateiii¢iits' are prtard under the historical cost Convention and in a¢¢ordan¢¢ with upplirable accounting stsndards and th¢ Stal¢in¢nt lif R¢¢i)Inrn¢nJ¢d Pra¢li¢¢.' Accouiiting and Reporting by Charities s¢ci)nd ¢dition- effecti￿¢ l Januarv 2019, the Finanvial R¢porting Standar(l JppliLabl¢ in the IIK an(1 Republi¢ (If Ir¢lanJ IFRS la21 anJ the Coinpani¢5 Alt 2006. Royal Mu5¢ums Greenivirh Foundation meets tlie definition of u public b¢ii¢fil ¢ntil}' under FRS I Q2. Income All incomt is included in the siatemtni ot'tinancial acti￿11￿¢8 M,htn ihe ChariTh is tniitiles io Ihe income and the amount can qU8ntititd M'ith reasonable accuracN. Tht tollowing sptcitic policies are applied to particular categories of income.. Donations and legacies are included in full in the siatemtni of tinanci81 aciibiiies 14-.htn receii'able. Inci)tne fr(im investtneiits. LX)nsi%ts 1)f intere%t reLeivahle fr()tn bank detK)%il% dnd 1% credited in the perii)d li) whiLlI it reldte%. Expenditure F.xpendilur¢ is r¢cogiiised on an arcruals basis in th¢ period in ￿lliCh they ar¢ incurred or cotntnited. F.xpenditure includ¢s unrecoTr¢rable VA T. Lx￿1]dIlUrC on charitable actii'ities comprise grant5 awarded in tlie period the cost5 associated ￿ltI7 the deliverv of tlie cliarity s actiTrities and iiicludes both costs that can be allocated directl! to activities and cost5 of an indirect nature n¢c¢5sarv to support G0￿crnane¥ cosis and adminisiaiion Cxr￿AdI1L1rkn arc includcd in oih¥r cxr￿nd1I￿rL. Thc cosis ot'goi'cmancL arrangcmcnis iyhich r¥laiL 10 ihc gcncral running ot'ihc chariiN'. inclliding siratLgic planning tor its tUlLirL dL vclopmLnt. Lxicmal audii, anN Icgal advicL tor ihc IrusiLLS, and all costs ot'complsing %4.iih Lonstiiutional and staiuiorv rcquirLm¥nis, SULh as ihc cosis of-Trusicc mLxiings and olpr¥paring IhL slatutor￿ aLLounis and saiistving publiL attoLiniabilii>'. As noied else￿,here in tht accounts the trustees did noi receive an). emoluments during the period. Funds lJnregtriLted funds donthiions artd other inLotne receivable or generaied for Ihe objects of Ihe th￿lIv. ResiiiLied lunds duntslions rele1￿￿ble fi)r specifiL uhj¥Ll% i)rthe Lharitj. Preparation of Aeeounts on a going coneern basLS The Irusiees consider there are no Inaierial uncenainties about the Charilv's abilit). to coniinue as a going eoncern. The rei'iem, of our tinancial rosition, reserves lebels and tuturt plans gives Trusiees confidence Ihe charitv remains a going concern for Ihe foreseeable fuiure. Financial instruments The charitable cornpany onlN' has financial assets and financial liabilit1¢5 of a kind that qualify as basic financial instruments. Rasic financial instrurnents ar¢ initially r¢cognised at transaction Tralu¢ and subsequentl} m¢asur¢d at their s¢ttl¢rnent value. Debtor5 TradL and oihcr d¥biors arL rccogniscd ai thL scitlcmcnt amount duL. PrLpaNmcnis arc valiicd at ihc amouni prepaid nct ot'any tradc discounts du¥. C.a5h at bank C'ash at bank and cash in hand includes cash and Short term highlv liquid investments with a short maturity of three Inonths or less froin the date ot acqiiisition or opening of the deposlt or similar account. Creditors provisions Crediiors and provisionb are recognised where ihe chariiy has a preseni obligaiion resiiliing from a past event ihal will probabl), rtsult in Ihe transter of tunds to a third parti, and Ihe amouni due 10 seiile ihe obligarion can be measured or esiimartd reliabl>'. Creditors and provisions are normally recognised ai their seiilernent amount atttr allow'ing for any trade discounts dut. Page 14

ROYAL MUSEUMS GREENWICH FOUNDATION NOTF.S TO THF. FININCTAI. ST A TF.IqF.NTS l¢ontihutdl FOR THE TrEAR ENDED 31 P*l.4RCH 2023 Critical accounting judgements key sourees of estimation uncertfiinty In tlie application of the accounting wlicie5. 1 ru5tees are required lo Inake judg¢in¢nt5, estiillates. and a55uinptions about tht carTring value of asselb aiid liabilities thai are noi rtadilTr apparent trom othtr sources. Estimates and underlving assumpiions are reviewed on an ongoing basis. the Niel¥ i)f the Tru%lee%. the reLI)gnilic)n ()f liabilitie% fc)r fiilure grant Li)tntnitmenl Is ati drea i)f.jud¥einent significant to the accounts as the limiiig of Ih¢s¢ payin¢nt5 is not ali¥aNs PTedictabl¢. particularlN' for multi-y¢ar graiits. -1 here are iio other as5uinptions concerning the tuture or ¢stiination uncertainty. affecting assets or liabilities at tlie balance sheet dale or critical judgements that are likel! to result in a material adjustsnent lo carrrfing amounts in the next tinancial v¢ar. Page 1%

ROYAL MUSEUMS GREENWICH FOUNDATION NOTES TO THE FINANCIAL STATENIENTS l¢ontlnutdl FOR THE TrEAR ENDED 31 T*lARCH 2023 2023 2023 2023 Total 2022 Restricted Unrestricted Income from donations ¥nd legacies r)oiiations troni the National Maritime Museum Donaiions troin-l'liird parties 2.950.297 2.950.297 3.800.312 2.1)50.297 2.950.297 3.800.312 Intome from investmettts Bank inicrcsi rcccivablc 70.709 70.709 529 Expenditure Direct t05ts Support costs Totsl 2023 2023 2023 Expellditure rharitable activitie5 Grant5 a￿arded Administraiion Bank tets 1rtsiirancL 40.(KX) 40.000 6.035 102 .618 47.755 6.035 102 1.618 7,755 40.(K)U Govtrnance costs Aiidit ILLS Other expense 7.200 7,200 7.2aa 7.200 Total txpenditu 40.(N)O 14.955 54.955 Expenditure IPrior Yearl Direct Costs Support Costs Total 2022 2022 2022 Expenditure on charitable aetivities Adminisiraiion Bank (LCS In%iirdnLe 6.035 108 1.587 7.730 6,035 108 .587 7.730 Governaiice costs Audit fees Other txpensts 5.460 5,460 5.460 5.460 Total expendilure 13.190 13.190 All grants ivere awarded to inslitulions. An anal>'sis ot grants awarded is proi'ided in tli¢-l-ruslees' rLpori. ThL TrusiLxs nciihLr reLLi￿Ld nor wai￿ld any imolumcnis during IhL pcriod. No trusiLLS fCLci￿cd rLimbursLmLml for Cxp-mscs during IhL p-yiod. I'a8e 16

ROI'AL MUSEUMS GREENWICH FOUNDATION NOTES TO THE FINANCIAL STATENIENTS l¢ontlnutdl FOR THE TrEAR ENDED 31 TlARCH 2023 Net income This Is slated after charging.. AuditC)TS' retnuneratii)n 2023 2022 7,2ao i.460 TAxation The charity is ex¢rnpt froin corporation tax a5 all its iiicome is charitable and is appli¢d for charitable PUT￿Se. 2023 2022 Debtors gmounts fAlling within one year ALcrued inieresi A¢¢ru¢d InLI)ni¢ Total debiots 333 1.800.000 3.800.333 2.95o.aao 2.955.141 2023 2022 c￿d]lOrs. falling due within one yer ALLrued gr￿t8 Accruals 98.000 7.140 105.140 98.000 i.460 103.460 Analysi5 of net assets between funds 2023 Restricted Funds 2023 2023 Designated Unrestriettd Funds Funds 2023 TotAI Funds 2022 TotAI Fullds C.urr¢nl assets 10.674.529 IIU5.1401 10.569.389 10.674,529 IIV5.1401 10.569.389 7.706.798 1103.4601 7.60.3.338 Net asset5 at 31 March 2023 10 Moi'ement in fulld5 At 31 MArth 2022 At 31 March 2023 In¢ome Expenditure Transfers Designaied Funds RLsificiLd Funds Unresiricted Funds Total Furtds 40.000 7.563.338 7.603.338 140.0001 114.955 154.9551 3.021.006 3.0?1,006 10.569.389 10.569,389 At 31 March 2021 At 31 March 2022 Movement in funds (Prior Year) Ineome Expenditure TrAnsfers Designated l.unds Resiricied Funds Unrestricted l.unds Total Funds 40.000 3.775.687 3.815.687 40,000 7,563.338 7.603,338 3.81MI.841 3.800.841 Pg8e 17

ROY AL MUSEUMS GREENWICH FOVYDATION NOI'ES'I'O'I"HL b'lNANC'IAL STATENILN'fs Itontithutill OR I'HL I EAR LIYDLD 31 fvIARCH 2023 11 Related partie5 ui'ing the N¢aT tli¢ Ro}'al Musems Greenwich Foundation has had ￿arIOuS transactions ￿'1th other entiiies, as set out below.: 'Rlue of Valuc of income txptllditu reteiied durlng durlng ihe Ihe yeAr year Related PRrt)' NRture of RtlRti011ship £'ooo Tru¥L¥e fvr th¥ ￿l&led parly, Jeretnv Penn se￿.ed as Trustee dliring the v¢ar. Naiivnal Matilime Museu 2.950 Granlb reL%iwed TrLlStee for the related party. Jerein P￿n strv¢d as Twst¢t duriii8 Ihe Granls mad¢ I NMM National Matilime Museum 40 40 2.9iO At the ￿ear end ther¢ 1% a crediti)r bJlanr¢ of £98,000 (£98.aoo. 20221- s¢¢ note 83 and u d¢btor balanr¢ of £2.950.0001£3.800,000, ?0221 see nott 7. Page 18

The follo￿,Ing page d￿8 not fonii parl of Ihe SlalLIIOt) findrtLial siaiemenig whicli the 4ubj¢Lt ()f Ilie indep¢n(l¢nt auJilor's r¢port (In pages 7 ti) 10. Page 19

ROI'AL MUSEUMS GREENWICH FOUNDATION Detailed Analysis of Movement in Fund5 'OR'I'HL TrEAR LIYDLD 31 fvIARCH 2023 10 Moi'enjent ill Funds 2022 Inc Exp Tr¥lls 2023 Designated Funds Rcsiricicd Funds lJnresiriLled Funds Total Funds 40.000 7.i63.338 7.603.338 140.0001 114.9iil 154.9551 3.021.006 3.0?1.006 10.569,389 10,569,389 Analvsis of Note 10. Movemellt in Funds Designated Funds 2022 Exp Trans 2023 l oral Designated Restritted Funds D()nations 2022 Exp Trntts 2023 APY 13 Prize Seatarer Conttrellce Tudors 10 Windsors ToLtl ReslriLled 5,0(K> 10.()CM) 95.000 40.000 15.0001 110.vooi 125.0001 140.aOOI Unrestricted Funds Broughi FOr￿ard Transtiys Approvcd Grants CJfdnt 7,563,338 7,563.338 To NMM Other Bank Tnterest Donaiion Audit Fees 70,709 2.950.297 70,709 2.9iO,297 17,2001 1351 16.OOUI 17.2(J(Ji Ico Service Lei'el Agreement Bank Ftts InsuranLL Tc)tal 11nre￿tTlcted 16.VOOI 7.i03.338 J.021.a(J6 114.95)) ia.569.390 Total Funds 7.603.3J8 3,021,a06 154,9551 ia.569.390 Page 20