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2025-03-31-accounts

ROYAL MUSEUMS GREENWICH FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

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 2025

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

Page 2

ROYAL MUSEUMS GREENWICH FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

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 2025 the Trustees met twice - on 27 November 2024 and 12 March 2025. 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 people,

Page 3

ROYAL MUSEUMS GREENWICH FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

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 expenditure for the period of £636,119 (2024: net income £2,489,338).

The Foundation made a grant of £1,000,000 to the National Maritime Museum to fund M & E work in Ocean Court.

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 2025/26. A further two grants were awarded in 24/25 which will be paid in the financial year 25/26. £30,000 to NMM Cornwall to support building storage of the National Small Boat Collection. £80,000 to NMM to match fund RDMS Foundation support o the M & E work in Ocean Court.

Since the Foundation was established in 2012, it has awarded and paid £6.9 million in grants to National Maritime Museum and National Maritime Museum Cornwall.

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 £12.63m (2024:£10.92m) as at 31 March 2025. Investment income of £490,670 (2024: £338,058) was generated during the period, a return of 4% (2024:3%).

Page 4

ROYAL MUSEUMS GREENWICH FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

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 reserves held by the charity as at 31 March 2025 totals £12,422,608 (2024 : £13,058,727) in line with this established Reserves policy. 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. Although no grant applications have yet been made, and hence no formal commitments exist.

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.

Fundrasing

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 2025

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 12 November 2025.

Jeremy Penn
----------------------------------------- -------------------------------------------
Mr Jeremy Penn Mrs Jane Costantini
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 2025

Opinion

We have audited the financial statements of the Royal Museums Greenwich Foundation for the year ended 31 March 2025 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.

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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:

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 6, 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.

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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 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

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 HaysMac LLP, Statutory Auditor Date: 13 November 2025

10 Queen Street Place London EC4R 1AG

Page 10

ROYAL MUSEUMS GREENWICH FOUNDATION

v3

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

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 (expenditure)/income
Funds brought forward at 1 April 2024
Funds balance at 31 March 2025		 2025
2025
2024
Unrestricted
Total
£
£
£
1,045
1,045
2,167,004
490,670
490,670
338,058
491,715
491,715
2,505,062
1,110,000
1,110,000
-
17,834
17,834
15,724
1,127,834
1,127,834
15,724
(636,119)
(636,119)
2,489,338
13,058,727
13,058,727
10,569,389
12,422,608
12,422,608
13,058,727

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

All activities in 2025 were unrestricted.

The notes on pages 14 to 19 form part of these financial statements.

Page 11

ROYAL MUSEUMS GREENWICH FOUNDATION REGISTERED COMPANY No: 08002287 BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2025

Notes
Current Assets
Debtors : amounts falling due within one year
7
Cash at bank
Total Current Assets
Creditors
Creditors : amounts falling due within one year
8
Creditors : amounts falling due after one year
Net Assets
Represented by:
Unrestricted funds
9 & 10
Total Funds		 2025
2025
2024
Unrestricted
Total
£
£
£
7,988
7,988
2,246,005
12,631,020
12,631,020
10,918,642
12,639,008
12,639,008
13,164,647
216,400
216,400
105,920
-
-
-
216,400
216,400
105,920
12,422,608
12,422,608
13,058,727
12,422,608
12,422,608
13,058,727
12,422,608
12,422,608
13,058,727

The financial statements on pages 11 to 19 were approved and authorised for issue by the Trustees on 12 November 2025 and are signed on their behalf by:

Jeremy Penn

Mr J H Penn Chairman

The notes on pages 14 to 19 form part of these financial statements.

Page 12

ROYAL MUSEUMS GREENWICH FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

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		 2025
2024
£
£
1,221,708
2,861,196
490,670
338,058
490,670
338,058
1,712,378
3,199,254
10,918,642
7,719,388
12,631,020
10,918,642
2025
2024
£
£
( 636,119)
2,489,338
( 490,670)
( 338,058)
2,238,017
709,136
110,480
780
1,221,708
2,861,196

The notes on pages 14 to 19 form part of these financial statements.

Page 13

ROYAL MUSEUMS GREENWICH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 to mid term maturity of twelve 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 2025

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 teh 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 2025

2
Income from donations and legacies
Donations from Third parties
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		 2025
2025
2024
Unrestricted
Total
£
£
1,045
1,045
2,167,004
1,045
1,045
2,167,004
490,670
490,670
338,058
Direct costs upport costs
Total
2025
2025
2025
£
£
£
1,110,000
-
1,110,000
-
6,035
6,035
-
39
39
-
3,360
3,360
1,110,000
9,434
1,119,434
-
8,400
8,400
-
-
-
-
8,400
8,400
1,110,000
17,834
1,127,834
Direct costs upport costs
Total
2024
2024
20204
£
£
£
-
-
-
-
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

An analysis of grants awarded is provided in the Trustees' report. The Trustees neither received nor waived any emoluments during the period (2024:NIL) No trustees received reimbursement for expenses during the period (2024:NIL).

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ROYAL MUSEUMS GREENWICH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

5
Net income
This is stated after charging:
Auditors' remuneration		 2025
2024
£
£
8,400
7,980

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
Accrued interest
Accrued Income
Total debtors
8
Creditors : amounts falling due within one year
Accrued grants
Accruals		 2025
2024
£
£
7,988
79,321
-
2,166,684
7,988
2,246,005
2025
2024
£
£
208,000
98,000
8,400
7,920
216,400
105,920

9 Analysis of net assets between funds

Current assets
Current liabilities
Net assets at 31 March 2025
10 Movement in funds
Unrestricted Funds
Total Funds
Movement in funds (Prior Year)
Unrestricted Funds
Total Funds		 2025
2025
2024
Unrestricted
Total
Total
Funds
Funds
Funds
£
£
£
12,639,008
12,639,008
13,164,647
(216,400)
(216,400)
(105,920)
12,422,608
12,422,608
13,058,727
2024
Income
Expenditure Transfers
2025
£
£
£
£
£
13,058,727
491,715
(1,127,834)
-
12,422,608		 2025
2025
2024
Unrestricted
Total
Total
Funds
Funds
Funds
£
£
£
12,639,008
12,639,008
13,164,647
(216,400)
(216,400)
(105,920)
12,422,608
12,422,608
13,058,727
13,058,727
491,715
(1,127,834)
-
12,422,608
2023
Income
Expenditure Transfers
2024
£
£
£
£
£
10,569,389
2,505,062
(15,724)
-
13,058,727
10,569,389
2,505,062
(15,724)
-
13,058,727

11 Related parties

During the year the Royal Musems Greenwich Foundation no related party transactions with other entities.

Page 17

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 2025

10 Movement in Funds 2024 Inc Exp Trans 2025
Unrestricted Funds 13,058,727 491,715 (1,127,834) - 12,422,608
Total Funds 13,058,727 491,715 (1,127,834) - 12,422,608
Analysis of Note 10. Movement in Funds
Unrestricted Funds
Brought Forward 13,058,727 - - - 13,058,727
Transfers Approved Grants - - - - -
Grants - - - - -
To NMM - - - - -
NMM OC - - (1,000,000) - (1,000,000)
NMM RMDS - - (80,000) - (80,000)
NMMC - - (30,000) - (30,000)
Other - - - - -
Bank Interest - 490,670 - - 490,670
Donations - 1,045 - - 1,045
Audit Fees - - (8,400) - (8,400)
ICO - - (35) - (35)
Service Level Agreement - - (6,000) - (6,000)
Bank Fees - - (39) - (39)
Insurance - - (3,360) - (3,360)
Total Unrestricted 13,058,727 491,715 (1,127,834) - 12,422,608
Total Funds 13,058,727 491,715 (1,127,834) - 12,422,608

Page 19