ROYAL MUSEUMS GREENWICH FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Registered company No: 08002287 Charity No: 1147279
ROYAL MUSEUMS GREENWICH FOUNDATION
| CONTENTS | |
|---|---|
| Trustees and Advisors | 2 |
| 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 |
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ROYAL MUSEUMS GREENWICH FOUNDATION
TRUSTEES AND ADVISORS FOR THE YEAR ENDED 31 MARCH 2024
| Trustees | Mr Jeremy Penn (Chair) |
|---|---|
| Mr Alastair MacAulay | |
| Mr Antony Hales | |
| Foundation Secretary | Mrs Jane Costantini |
| Registered Office | Park Row |
| Greenwich | |
| London | |
| SE10 9NF | |
| Independent Auditor | HaysMac 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 |
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ROYAL MUSEUMS GREENWICH FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
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 Jeremy Penn (Chair) Mr Alastair MacAulay Mr Antony Hales
The Trustees generally meet twice in 12 months. During the year ended 31 March 2024 the Trustees met twice - on 08 November 2023 and 13 March 2024. 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 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 people,
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ROYAL MUSEUMS GREENWICH FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
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.
Financial Review
The financial statements show net income for the period of £2,489,338 (£2,966,051, 2023).
The Foundation did not make any grants during the year.
There continues to be 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 2024/25.
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 2024 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 £10.92m (£7.72m, 2023) as at 31 March 2024. Investment income of £338,058 (£70,709, 2023) was generated during the period, a return of 3% (1%, 2023).
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ROYAL MUSEUMS GREENWICH FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Principal Risks and Uncertainties
The Trustees consider that the principal risks facing the Foundation and their mitigations are as follows:
| 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.
The Trustees are aware of a significant project that the NMM is developing at the Royal Observatory, for which plans are in preparation and a grant request imminent; as well as an ongoing project that may require additional funding. Although no grant applications have yet been made, and hence no formal commitments exist, Trustees consider that in the light of this the current level of reserves is appropriate. The reserves held by the charity as at 31 March 2024 is £13,058,727 (unrestricted) (£10,569,389, 2023) 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.
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ROYAL MUSEUMS GREENWICH FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
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.
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:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 made aware of such information.
In preparing this report, the directors have taken advantage of the small exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the Trustees on 27 November 2024.
Jeremy Penn
Mr Jeremy Penn Chair
K. Jane Costantini
------------------------------------------Mrs Jane Costantini Secretary
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ROYAL MUSEUMS GREENWICH FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROYAL MUSEUMS GREENWICH FOUNDATION FOR THE YEAR ENDED 31 MARCH 2024
Opinion
We have audited the financial statements of Royal Museums Greenwich Foundation for the year ended 31 March 2024 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:
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expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to 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
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 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.
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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:
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report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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accordance with applicable legal requirements.
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
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:
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adequate accounting records have not been kept by the charitable company; or
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the charitable company financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the
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.
Responsibilities of trustees for the financial statements
, 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 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.
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ROYAL MUSEUMS GREENWICH FOUNDATION
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 gh 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.
financial statements (including the risk of override of controls. Audit procedures performed by the engagement team included:
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Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
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Review of minutes of meetings;
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Identifying and testing journals, in particular journal entries posted as part of the year end process ; and
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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 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 www.frc.org.uk/auditorsresponsibilities.
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
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ROYAL MUSEUMS GREENWICH FOUNDATION
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) 10 Queen Street Place For and on behalf of HaysMac LLP, Statutory Auditor London 27 November 2024 EC4R 1AG
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ROYAL MUSEUMS GREENWICH FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Income from: Notes Donations and legacies 2 Income from investments 3 Total income Expenditure on: Charitable activities: Grants awarded Other expenditure 4 Total expenditure Net income Funds brought forward at 1 April 2023 Funds balance at 31 March 2024 |
2024 2024 2023 Unrestricted Total £ £ £ 2,167,004 2,167,004 2,950,297 338,058 338,058 70,709 2,505,062 2,505,062 3,021,006 - - 40,000 15,724 15,724 14,955 15,724 15,724 54,955 2,489,338 2,489,338 2,966,051 10,569,389 10,569,389 7,603,338 13,058,727 13,058,727 10,569,389 |
|---|---|
All operations of the fund continued throughout the period and no operations were acquired or discontinued.
All activities in 2024 were unrestricted.
The notes on pages 14 to 17 form part of these financial statements.
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ROYAL MUSEUMS GREENWICH FOUNDATION REGISTERED COMPANY No: 08002287 BALANCE SHEET
FOR THE YEAR ENDED 31 MARCH 2024
| Current Assets Notes Debtors : amounts falling due within one year 7 Cash at bank Total Current Assets Creditors Creditors : amounts falling due within one year 8 Net Assets Represented by: Unrestricted funds 9 Total Funds |
2024 2024 2023 Unrestricted Total £ £ £ 2,246,005 2,246,005 2,955,141 10,918,642 10,918,642 7,719,388 13,164,647 13,164,647 10,674,529 105,920 105,920 105,140 105,920 105,920 105,140 13,058,727 13,058,727 10,569,389 13,058,727 13,058,727 10,569,389 13,058,727 13,058,727 10,569,389 |
|---|---|
The financial statements on pages 11 to 17 were approved and authorised for issue by the Trustees on 27 November 2024 and are signed on their behalf by:
Jeremy Penn
Mr J H Penn Chairman
The notes on pages 14 to 17 form part of these financial statements.
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Royal Museums Greenwich Foundation
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
| 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 in debtors Increase in creditors Net cash provided by operating activities |
2024 2023 £ £ 2,861,196 3,742,214 338,058 70,709 338,058 70,709 3,199,254 3,812,923 7,719,388 3,906,465 10,918,642 7,719,388 2024 2023 £ £ 2,489,338 2,966,051 ( 338,058) ( 70,709) 709,136 845,192 780 1,680 2,861,196 3,742,214 |
|---|---|
The notes on pages 14 to 17 form part of these financial statements.
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ROYAL MUSEUMS GREENWICH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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:
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Donations and legacies are included in full in the statement of financial activities when receivable.
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Income from investments consists of interest receivable from bank deposits and is credited in the period to which it relates.
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
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.
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.
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ROYAL MUSEUMS GREENWICH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024
| 2 Income from donations and legacies Donations from the National Maritime Museum 3 Income from investments Bank interest receivable 4 Expenditure Expenditure on charitable activities Grants awarded Administration Bank fees Insurance Governance costs Audit fees Other expenses Total expenditure Expenditure (Prior Year) Expenditure on charitable activities Grants Awarded Administration Bank fees Insurance Governance costs Audit fees Other expenses Total expenditure |
2024 2024 Unrestricted Total 2023 £ £ £ 2,167,004 2,167,004 2,950,297 2,167,004 2,167,004 2,950,297 338,058 338,058 70,709 Direct costs Support costs Total 2024 2024 2024 £ £ £ - - - - 6,035 6,035 - 60 60 - 1,649 1,649 - 7,744 7,744 - 7,980 7,980 - - - - 7,980 7,980 - 15,724 15,724 Direct costs Support costs Total 2023 2023 2023 £ £ £ 40,000 - 40,000 - 6,035 6,035 - 102 102 - 1,618 1,618 40,000 7,755 47,755 - 7,200 7,200 - - - - 7,200 7,200 40,000 14,955 54,955 |
|---|---|
An analysis of grants awarded is provided in the Trustees' report. The Trustees neither received nor waived any emoluments during the period (Nil 2023). No trustees received reimbursement for expenses during the period (Nil 2023).
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ROYAL MUSEUMS GREENWICH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024
| 5 | Net income | 2024 | 2023 | |
|---|---|---|---|---|
| This is stated after charging: | £ | £ | ||
| Auditors' remuneration | 7,980 | 7,200 | ||
| 6 | Taxation | |||
| The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purpose. | ||||
| 7 | Debtors : amounts falling due within one year | 2024 £ |
2023 £ |
|
| Accrued interest | 79,321 | 5,141 | ||
| Accrued Income | 2,166,684 | 2,950,000 | ||
| Total debtors | 2,246,005 | 2,955,141 | ||
| 8 | Creditors : amounts falling due within | one year | 2024 £ |
2023 £ |
| Accrued grants | 98,000 | 98,000 | ||
| Accruals | 7,920 | 7,140 | ||
| 105,920 | 105,140 | |||
| 9 | Movement in funds | At 31 March | At 31 March | |
| Unrestricted Funds | 2023 Income Expenditure £ £ £ 10,569,389 2,505,062 (15,724) |
Transfers £ - |
2024 £ 13,058,727 |
|
| Total Funds | 10,569,389 2,505,062 (15,724) |
- | 13,058,727 | |
| Movement in funds (Prior Year) | At 31 March 2022 Income **Expenditure ** |
Transfers | At 31 March 2023 |
|
| Restricted Funds - Donations | £ £ £ 40,000 - (40,000) |
£ - |
£ - |
|
| Unrestricted Funds | 7,563,338 3,021,006 (14,955) |
- | 10,569,389 | |
| Total Funds | 7,603,338 3,021,006 (54,955) |
- | 10,569,389 |
Restricted funds in prior year related to donations received and then grant paid out on specific projects.
10 Related parties
During the year the Royal Museums Greenwich Foundation had no related party transactions with other entities.
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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.
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ROYAL MUSEUMS GREENWICH FOUNDATION
Detailed Analysis of Movement in Funds
FOR THE YEAR ENDED 31 MARCH 2024
| 11 | Movement in Funds | 2023 | Inc | Exp | Trans | 2024 |
|---|---|---|---|---|---|---|
| Unrestricted Funds | 10,569,389 | 2,505,061 | (15,724) | - | 13,058,726 | |
| Total Funds | 10,569,389 | 2,505,061 | (15,724) | - | 13,058,726 | |
| Analysis of Note 10. Movement in Funds Unrestricted Funds Brought Forward Transfers Approved Grants Grants To NMM Other Bank Interest Donations Audit Fees ICO Service Level Agreement Bank Fees Insurance |
10,569,390 - - - - - - - - - - - |
- - - - - 338,058 2,167,004 - - - - - |
- - - - - - - (7,980) (35) (6,000) (60) (1,649) |
- - - - - - - - - - - - |
10,569,390 - - - - 338,058 2,167,004 (7,980) (35) (6,000) (60) (1,649) |
|
| Total Unrestricted | 10,569,390 | 2,505,061 | (15,724) | - | 13,058,728 | |
| Total Funds | 10,569,390 | 2,505,061 | (15,724) | - | 13,058,728 |
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