THE NATIONAL ARMY hlUSEUhl DEVELOPMENT TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2022 R•gi8t•r8d Charity No. 278•39 Azèts Audlt Sgrvi¢08 Rfver Hc*U8e hlald•tone Road Sidcup K•nt DA14 5RH
THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST CONTENTS P•g• Ref•rÈneè and AdMIntraIe Dotsils Report ol ¢hèTrwteeB IndeF¢nd•nt Eyaminefs Rort Statement of Fin*ts81 Atht5 B8n S Notès to the FinaKkg1 Ststemttnts
THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST REFERÈNCE AND ADVJNISTRATIVE DETAILS Tru6t••$ MrTimothy Cooke OBE ICh8in#an} The Honourable David McApi Mr Edward C A Martineau Major General Sir sebasts.an Robe KCVO OBE Mr Michaol J B Watson MrJame5 A GloveF Wlson Charlty Reglstration Number 278939 Princip811)fflco National Army Museum Ch•lsea Lond¢Jn 4HT e#nk•r Coutts & Co St Martin's Off 440 Stmnd Londen WC2R OQS Ind0p•nd•nt Examinor M A Wlkes FCA hzets Audit Servi5 River House 1 Maidstone RI Sidcup Kent DA14 5RH Rathbone Investment Managwrent 8 Fin$bury Circus London EC2M 7hZ InvesknientMana9or S¢hrodèrs Unit Trusts LimiteL1 PO Box 1102 Chelmsford SM99 2XX
THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST REPORT OF THE TRUSTEES The Tntslees present their report and linanaal StateNnts for the yegrèndsd 31 D8mber 2022. The financial statements havè baan prepa in accordanc•wrth ktouTrtir#J and RePo"n9 bycharibes". Statement ol ReGommended Praebts applKable to chariti8s preparing aUnts in >cctydan¢e with Financial RepDiting Standartls aFwI¢ab in the UK and Republic of Ireland is$ in Ocioter 2019, the F$na[la1 Rgporting Slandard applicab in th& Unrted lfj'ngdorn and Rspublic of Ireland {FR81021. th• Ch8rili8s Act 2021 and UK G8n8AIty Accepted A¢ciwnb"n9 Practi. Obleth and 4cllvttl In accorda with the Trust the Tru8ts88 ordinarity make 9rants to further the worf( of the National Amw Museum in $Lrh manner as the Trustees shall in their absolute dv8cretion think fi( but may 3150 or Instsad mak8 9rants from time to time for such olhei charitable purp9s¢s (preferably havlng a COnrtiOn wilh the British Amyl as Trv5tse5 $hall in their absolute discretK)n Ihink fit. FIMn¢io1 R•view CÈvelopment Trv5t r8ceivfd inr4)me of £27,85412021 .. £16.9531 during the year. Expenditure totslled £13,306 12021 .. £74,992) resulting In a surplus b8for8 unrealisecl gains and b5se5 on investsnents of £14,54812021 . defvi £58,0391. Th• net movement in funds alter unwlised gains and bsses wa$ a deficit of t5,886 12021 surF4u5 £23,218I. During 2022 the Trustees donatscl £l0,OCQto the Post-Doctoral Research Fellowships sponsored by the Museum and £500 for the Temp18r Awards awarded by the Scciety for Army Histori¢al Restarch 12021 £72,500 National Arrny Museum, Dr'sh Commission for Military History Award and Ternp18f Awards). The net asststs at 31 0ecernb•r 2022 are £572,45512021" . £578,341> ofwhith £543.19) kA Invesbj in rnarketab securiles12021 .. £560,444). R•8•M8 Pc4ley TheTrust88s aimto hokjfree r8seM5, exdudingthose i[lUded in inveskn)ent6, at a leval Whkn wll provKle wJfficvdni Jnd5 tc • to applItionS ft)r grants and to cover adrnin1strat1 cc6ts. Th8 act1 level of re5eNes, exduding investrwnts at 31A December2022 was £29.265 (2021 .. £17,897). Inve5tsnpnts totalling £543,190 12021 '. £560,444) are held to g•wate inve51rnent income and to incr8Ase Ihe Capital of the Trust The Trustees wll rev*w lh• pdicy on an annual bas. Inveslrnent Policy The Trust Cjeed wthorises the Trust to make hold iDngnts, u51n9 weral funds Dfth• charity. Th8Twste8s' invesknent policy to invest in relatrvely low risk inlere8t andequty b•$&1 managed funds to athieve grohvlh and income. Thts Trust intend$ to maxitnise by piudent investment its funds, in so f8T 35 Ihey are not required for thp short te purposgs ol th& Trust, with the Intsn that tho Trust will havg wch an (X)me availab io enab Trustses to dgrtake projects consistentwith the tem16 of ts Trujt D8Ed. Fulurg Plan8 The Ttustees wntinue to rebuild the asset b8se of the Trust 8ft8r lent major disburwent8. At the same lime, Ih¢y ar¢ keen for the Trust tg gng8g8 actively with th8 Museurn's plans thtough activ8 Sponsorship of r88earth lell¢)ws and by the ac4uisicion of important artgfacts, notsNytho paintin9 of 'The Dawn olWatedix>' by Lady Butr. The Trustees are also glad to $upport the Musèum's relationshp with the Society for Army Hi$torical Research by funthng haw the annual TempK8r award5 for new publi¢ation5 on Bribsh ryililary histtyy
THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST REPORT OF THE TRUSTeES Going Coneèm In approving these financial statements, t truste8$ have ¢onsJered the level of fund5 hekl by the Trust and the expected level ofincorne and expenditure for the vee months. Th¢ reserves arn ffl0 than sufficient forthe harity to be ab to conlinue a5 a goirrfJ concem. Strueturg, 9ovgmanc8 and magOMent The Charity 1$ an unincorporated entity, govemgd by a Deed of Trust dated 29 Septenknr 1979 and a set of Rule8 Irevi5ed 14 April 20111. It is a registered chanty, number 278939 Trusle•s The following Twste85 have 8erv8d duriny the to datè.. MrTimothy Cooke OBE The HomUrab David McAlpine Mr Eolvard C A Mortineau MajorGeneral Sir sebasts.an Robert8 KCVO OBE Mr Mi¢hael J B Watson MrJarnes A Glover Ihfilson Chairman Tlustees wore originally appointed by t>eed, blatterty have been appointed by minuted dactsion of Ihe Trustees attheir meetings. Any pèrson, induding a Member ofthe Council of the National Army Museum, may be appointe as a Trustee. Thè TNstees shall not be faw8r than five or mcrt than ten in nurnter. The Trusteès appoint a Chaiman lor a lem) of three years and thèrèalter to th8 next ggnèral me¢tirrtJ ol thè Trustè&s. Tho Tru$te8s mèèt on• lo bvo tim85 a year. ststemvnt of TnJ8teea' repoM1bllQ¥ The tw$tees responsible for preparing the Trvstees, Annud Report and thg financial ststements In a¢cordan¢e with 8pplicab18 law and Uniled Kingdom AxountiTrJ Standards (United Kingdem Generally Accepted Accountirtg Practttl. The law applic8ble to charib'gs in England & Waks requir•s the trustees to prepa finana81 statements for each rinancial year whith give a trL and fair of the state of affairs of the charity and of th• incoming resour and application ol r88our of the charity for that period. In preparin9 these finanoal stalement5, the trust8e5 are required to.. select $uitable aUnting polirA•s an¢1 then appty them consk8tsntty,' ¢)b6erve th8 rnethods and priThaps in the appliCae Charthes SORP.. rnak* judgements and esb"mates that are 8$on89 and pwud&nt", sta18 whether applicable accountiTrJ stsndard5 have been foll¢)wad, subject to any rnat•rial departur85 disclosed and explain In the fiTranC statements,. pr8par• Ihe finanual statements on the gelng concem basis unle$$ it 1$ inappropriale to pre5um8 that the charity will eontinu6 In Oatn. The tN51ees ar8 rospon8ible for keepiNJ proper accounting record8 that disdose with reasonable accuracy al any lirne thp ffinancial position of the tharity 8nd enable them to ensure that the financial 51atements comply wrth the Chttritie$ Act 2011, the Charity (Accounts and Rgportsl Règulations 2008 and th• provp3itsns of the Deed ol Trust dated 29 S8pternb•r 1979. They are aL50 POnsIb fersafeguwding the assets olthe charity and hence futaking rga8on4ble steps for tho prèvention and detection of fraud and other irregularthe$. The toJstee5 aro r•sponsible for the maintenance and integrity of the charity in acrdan¢t wrfh legislatK)n in th• United Kingdorn governin9 the prfrparabon and di$sinatIOn of finanrial 8tatemgnts. 2023 This report wa5 approved by the Trustees on Signed on behalf of the Trustees.. Mr Tfjmothy Cooke OBE ChaSmian. TN$ts•
THE NATIONAL ARMY h1USEUM DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NATIONAL ARMY MUSEUM DEvELoPMEP FUND I report to the charity tru5tee5 on my exarnination or the 8rxxunts oftho dmrity lor th8 year ended 31 D8C8mt•r 2022 which set oui on pag6$ 5 to 9. RKp•ctivo respon$lblllti¢• of Tru¥tee• and ex#min•r Astheehanty's trusl8ès youare responsiblOrth¥prep0rat10n ofthe acuunts n accofdancewththe r8quireffnts of tho Charies Act 2011 ('the Ad'l. I rewt in rÈst£ct of rny exarninstion of th8 charitys acLIntS carrd out urnyer 8ectiM 145 of the Act and in carrying out my examinats.on I have followed all the appliCae Thr8CtK)ns given by Ihe Charity Commission under sedon 14515llbl of Act. IndÈpend•nt exornine¢8 statement I have ¢¢Ynpleted my oxamination. I confim) that no material matters have comè to my attenion in tne¢"Tr with th? wminath.on gwing rne cause to bg1igv8 Ihat in any matertal le8Ct.. accounting reo)rds were not kept in r8SP8Ct of the chanty as rgquirJ by sedien 130 gf th8 Act., ci the aceounts do not accord wrth those recowds," ei the acrounts do not ¢omply with Ihe appli¢oblè requirements corvrning th8 form and content of attounts set out in the Charibes (Accounts and Reports) Rogulab"on$ 2008 other than any requirement that the accounts give a'true and fair view. which 18 not a matter ¢cnsidered as part ol an indendent axafflinaln. I have no concems and have across no gther mattèrs in connection with th• oxanwnation lo whicth attention 5houhd b8 Lyraum in thi5 report in orderto enab a proper understsnding ol the aOnts to bè rea¢hed. A Ike# FCA 2els Audrt SeNi RNer House 1 MastOne Road Sidvjp Kenl DA14 5RH 30 October 2028....
THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YE4R ENDED 31 DECEMBER 2022 Unmtrletsd fund• 2022 Notss 2021 INCOME Voluntary irKcffle Invesbneni into 400 27,454 16,953 Total 1rt4mt 27,854 16,953 EXPENDITURE Charit*lo donatio Accountanry chargès Bank charges Investrnent manager charges other costs 10.500 2.178 406 222 72,500 1,780 485 227 Tolal expvndilur• 13,306 74,992 Net{eXpgndIrO)finc0m¢ ond movement on inv¢8lm&nts funds before gain8 on Inve$lJnents 14,548 158,0391 GainsllLoss851 on inve81mgnts 120.4341 81,257 NET MOVEMENT IN FUNDS 5,8861 23,218 Fund$ at 1 Jantjary 2022 578,341 555.123 FUNDS AT 31 DECEMBER 202Z S72,455 578,341 All transactions in 2022 and 2021 derivetl fr¢¥n unrestacted funds.
THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST BALANCE SHEET AS AT 31 DECEMBER 2022 Nots 2022 2021 FIXED ASSErs Investments 543.190 560,444 iNIREWT ASSETS Debtors- incorr Bank dèposit Coutts Finance Cornpany 5,397 26,586 29,877 31,983 29,977 CREDITORS: AMOUNTS FALUNG Due WThlN ONE YEAR AeeNals 12,718} 111,9801 NET CURRENT ASSETS 29,265 17,897 NET ASSErs 572.455 578,341 REPRESENTED BY: UnrestrLted fuThY6 572.455 578.341 572.455 578,341 Approved by the Board ofTrnslo•s on and svJned on its behaK on... ...... Mr Tlmothy Cooke OBE Trus Mr E¢Jward C A Martin••u Tru8ts•
THE NATIONAL ARMY MUSEUM DEVELOPhlENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 AC¢OUTrlmG POLICIES Ba$T$ of pr•parathn The National Amiy Museum Dev81opment Trust is a Trust In United kngdom. The add55 01 tha prin¢ipal office is given in the chafity information on page 1.01 these financial statements. The nature of Ihe eharrty's Operatn$ awwj principal adivilio5 ar set (Mjt on page 2. The charity ¢or6titutes a public benefit èntity as defjned by FRS 102. The financol statements have been prepared in accordancgwithAccounting and Reporting by Charities.. Staterntrnt of Recornmended Practice applicab to Charit prttparing their accounts in ac£ordanc8 7th ts FinancAal Reporti[¥ Standard applicab in UK arKI Republic of Imland IFRS 1021 issued in October 2019, the Charitlgs Act 2011 and UK G8n8ralty Accepted Pro8. The financlal $tstThnts ar8 ppared on a going cOnM basis under ts historical tost convgnticfi, moclified to include rta'n items at fail value. The financial 5taternents are prapare(I In sterling which Is Ihe functional currency of the charity. The significant accountin9 policies applied in the pparath7n of th8se finanual statements are set out below. These poliues have b8en consistently appli to all years wes¢nted Un55 OtheAwse stated. Funds Unrestricted fund5 are dona'on5 and other incoming wsources recnia)18 or neratsd for the ottscts of th¢ charity without further specified purpose and ar• avail&)le os general funds. Desi9nated fuThls conyri8e unrestricted funds thal have been set a6ide by tha trustge8 for particular purpx¢s. The aim and use ofeach dosignated fund 15 set out in the not85 to the financial st8t8ments_ In¢om• All income L8 included in Ihg Statement of Financial Acthirfes ISOFAI wn Ihe charity is galty entifed to the income after any perfomanc8 condthons have been met, th8 amount Can bè M&asUd lIsb[Y and il 1$ probable that thè inc£ will received. For tlonatlDn5 to be recognised Ihe charity will have beon notrfi8d ol the amounts ar the $Èttlernent datè In writiThJ. If th8r8 atw condibons atta¢he(I to the donation and this requir85 a of perform3rte before entitlernent can be Obtain In incomfr is deferred until those tondilions fulty m8t or the bjlfilment of thosè conditions is wilhin the contrd of th8 charity and it is probable that they will be fuffilknd. Inve5trn8nl in¢ome ¢arrd through holding 9558ts tDr invesknent puw)sès such as 5h•rts. It indud85 dividonds and intsr8St. Where it is not practicableto idenify Intrnt management costs incurred within a scheme with reasonable ¥ccur8Cy thè Investrnent incorne 15 reported net of these ¢Sts. It k8 indud8d when the amount can bg mea5UTed Rliably. Interesl ivcome is recogftised using th8 effeetive interg$t mèthod and dividerd income k% ffjcwni88d as the charity's right to Teceive payment Is established. Expgndltuv• All expgnditure is accountsd for on an accwals basi5 and has been das%fd under headirys Ihat aggregate all costsr8lated to thè category. Expenditure is ¥ewnised Whe there 1$ a legal or conslnJ¢tive Obath"On to make payments to third parties, rt is probabb Ihat tho settl9rn8nt will L* roquIr and thE amount of the obligation can be m&asured reliably. IrrecoveraN¢ VAT is charged an 8XP8ns8 again6t Ihe activity fuwhth expendituré aros•.
THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2022 1 tn¥e8tsMnt8 Invo$lments are re¢¢4nised initially at lair value which 15 nomialty thg trdnsaction price excluding tr8nsadion cthts Subsequanuy. thw are measured at faif value with changes recognised in'net gains 1 Ilossesl on investments, in the SOFA if thè shares are publlcly tradad or their fair volue can otheTW8e be measured reliably. Currentasset investrnent5thre shorttemi hhlY liquid IntnI$8 are hold at fairvalue. Th8se in¢lL h on deposit bvitti a maturty of le55 than one year. Going Con¢•m The finanrial Statements ha bgen prepared on a going conc8m bas as thg truste85 believe Ihat no meterial uncèrtainties exist. The trustsès have Consided the level of funds held and the exp8Cted level of irtome and Qxpendbture fof iwefve months from approving these finanual statwrents. The budgeted inconp and exFendiwre is suffiaent wth the level of rer85 forthe charity to able to continue as 90ing ¢oncEm. Judgements and k•y *our¢•8 of 08lwnat•on un¢•rtaliity Acccunting estimatss and judgents we continualty evaluated and arè based on htOriC exrienCe and olher factors, including expectstioThs of luture evonts that are lieved to be reasonable under the Cirrrnc8S. Nojudgements or key 9ssunr)tions wgre made in th• pr•parotion of the accounts. STAFF COSTS AND TRUSTEE. REIAINERAnON No slaff are directly •mploy8d by the charity. Nefie of the Tru6tegs r8cewed any rungrati or roimbuFsed exFens•s durin9 thg year. INVESTMENT INCOME 2022 2021 IncomÈ from investments Interest on bank and cash thp)5its 27,373 81 16,945 27,454 16,953
THE NATIONAL ARMY MUSEUII DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 DECEMBER 2022 OOPIATIONS PAYABLE 2022 2021 8ritBh Comrymssion frr Military History Award National Am)y Museum Templer Awards ISo¢i8ty of Anny HistorKal ResearGhl 200 10,(M)O 70.OJO 2,300 10,5 INVESTMENT8 2022 2021 Market value at 1 January 2022 476.509 2.905 122n 81,257 3,402 12221 120,4341 DisposaL8 Unr8ah58d gainslllos8e$} Market value at 31 tetnb8r 2022 543,190 560,444 220,588 220.750 HtOric CCK8t The investrnonts are carried at their fair value which il detemiined by ts referenck to tho m[thaet value. The following invg$trnents ar• induded in the inve5trnent portfolio.. 2022 2021 Schrer Charity Equity Fund A Rathbone UnitTrust Managemonl Ca6h 437,636 433,982 118,658 7,8C6 11,208