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 AdMIn￿traI￿e Dotsils
Report ol ¢hèTrwteeB
IndeF¢nd•nt Eyaminefs R￿ort
Statement of Fin*ts81 Ath￿t￿5
B8￿n￿ 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 Servi￿5
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 StateN￿nts for the yegrèndsd 31 D8￿mber 2022.
The financial statements havè baan prepa￿ in accordanc•wrth ktouTrtir#J and RePo￿"n9 bycharibes". Statement
ol ReGommended Praebts applKable to chariti8s preparing a￿Unts 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 COnr￿tiOn 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 Wh￿kn wll provKle wJfficvdni
Jnd5 tc • to applI￿tionS ft)r grants and to cover adrnin1strat1￿ cc6ts. Th8 act￿1 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 iD￿￿ngnts, 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 le￿nt 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 But￿r.
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 ¢ons*Jered the level of fund5 hekl by the Trust and the
expected level ofincorne and expenditure for the ￿*￿ve￿e months. Th¢ reserves arn ffl0￿ than sufficient forthe
harity to be ab￿ to conlinue a5 a goirrfJ concem.
Strueturg, 9ovgmanc8 and ma￿gOMent
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, b￿latterty 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$te8s mèèt on• lo bvo tim85 a year.
ststemvnt of TnJ8teea' re*poM1bll￿Q¥
The tw$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 $uitable a￿Unting polirA•s an¢1 then appty them consk8tsntty,'
¢)b6erve th8 rnethods and priThap￿s in the appliCa￿e Charthes SORP..
rnak* judgements and esb"mates that are ￿8$on8￿9 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 O￿at￿n.
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$.
The toJstee5 aro r•sponsible for the maintenance and integrity of the charity in ac￿rdan¢t wrfh legislatK)n in th•
United Kingdorn governin9 the prfrparabon and di$s￿inatIOn 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 8rxx*unts oftho dmrity lor th8 year ended 31 D8C8mt•r
2022 which set oui on pag6$ 5 to 9.
RKp•ctivo respon$lblllti¢• of Tru¥tee• and ex#min•r
Astheehanty's trusl8ès youare responsib￿lOrth¥prep0rat10n ofthe acuunts n accofdancewththe r8quireff*nts
of tho Chari*es Act 2011 ('the Ad'l.
I rewt in rÈst£ct of rny exarninstion of th8 charitys ac￿LIntS carr￿d out urnyer 8ectiM 145 of the Act and in
carrying out my examinats.on I have followed all the appliCa￿e Thr8CtK)ns given by Ihe Charity Commission under
sedon 14515llbl of Act.
IndÈpend•nt exornine¢8 statement
I have ¢¢Ynpleted my oxamination. I confim) that no material matters have comè to my attenion in t￿ne¢￿"￿Tr with
th? wminath.on gwing rne cause to bg1igv8 Ihat in any matertal le8￿Ct..
accounting reo)rds were not kept in r8SP8Ct of the chanty as rgquir*J by sedien 130 gf th8 Act., ci
the aceounts do not accord wrth those recowds," ei
the acrounts do not ¢omply with Ihe appli¢oblè requirements corvrning th8 form and content of attounts set
out in the Charibes (Accounts and Reports) Rogulab"on$ 2008 other than any requirement that the accounts
give a'true and fair view. which 18 not a matter ¢cnsidered as part ol an inde￿ndent axafflinal￿n.
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 a￿O￿nts to bè rea¢hed.
A ￿Ike# FCA
2els Audrt SeNi
RNer House
1 Ma￿stOne 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{eXpgndI￿rO)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¢OUTr￿lmG POLICIES
Ba$T$ of pr•parathn
The National Amiy Museum Dev81opment Trust is a Trust In United kngdom. The add￿55 01 tha
prin¢ipal office is given in the chafity information on page 1.01 these financial statements. The nature of
Ihe eharrty's Operat￿n$ 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 Pro￿￿8.
The financlal $tstThnts ar8 p￿pared on a going cOn￿M basis under ts historical tost convgnticfi,
moclified to include ￿rta'n items at fail value. The financial 5taternents are prapare(I In sterling which Is
Ihe functional currency of the charity.
The significant accountin9 policies applied in the p￿parath7n of th8se finanual statements are set out
below. These poliues have b8en consistently appli￿ to all years wes¢nted Un￿55 OtheAwse stated.
Funds
Unrestricted fund5 are dona*'on5 and other incoming wsources rec*nia)18 or ￿neratsd for the ottscts of
th¢ charity without further specified purpose and ar• avail&)le os general funds.
Desi9nated fuThls conyri8e unrestricted funds thal have been set a6ide by tha trustge8 for particular
purpx¢s. The aim and use ofeach dosignated fund 15 set out in the not85 to the financial st8t8ments_
In¢om•
All income L8 included in Ihg Statement of Financial Acthirfes ISOFAI w￿n Ihe charity is ￿galty entifed to
the income after any perfomanc8 condthons have been met, th8 amount Can bè M&asU￿d ￿lIsb[Y and il
1$ probable that thè inc£￿ will ￿ received.
For tlonatlDn5 to be recognised Ihe charity will have beon notrfi8d ol the amounts ar￿ the $Èttlernent datè
In writiThJ. If th8r8 atw condibons atta¢he(I to the donation and this requir85 a of perform3rte before
entitlernent can be Obtain￿ I￿n incomfr is deferred until those tondilions fulty m8t or the bjlfilment of
thosè conditions is wilhin the contrd of th8 charity and it is probable that they will be fuffilknd.
Inve5trn8nl in¢ome ¢arr￿d through holding 9558ts tDr invesknent puw)sès such as 5h•rts. It indud85
dividonds and intsr8St. Where it is not practicableto idenify In￿tr￿nt management costs incurred within
a scheme with reasonable ¥ccur8Cy thè Investrnent incorne 15 reported net of these ¢￿Sts. It k8 indud8d
when the amount can bg mea5UTed Rliably. Interesl ivcome is recogftised using th8 effeetive interg$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%f*d under headirys Ihat
aggregate all costsr8lated to thè category. Expenditure is ¥ewnised Whe￿ there 1$ a legal or conslnJ¢tive
Ob￿ath"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 h￿hlY liquid In￿t￿nI$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 Conside￿d 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 re￿r￿85 forthe charity to able to continue as
90ing ¢oncEm.
Judgements and k•y *our¢•8 of 08lwnat•on un¢•rtaliity
Acccunting estimatss and judge￿￿nts we continualty evaluated and arè based on h￿tOriC ex￿rienCe
and olher factors, including expectstioThs of luture evonts that are ￿lieved to be reasonable under the
Cir￿rr￿￿nc8S.
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 r￿ungrati￿ 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 fr*r 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$}
Market value at 31 t*etnb8r 2022
543,190
560,444
220,588
220.750
H￿tOric CCK8t
The investrnonts are carried at their fair value which il detemiined by ts referenck to tho m[tha￿et
value.
The following invg$trnents ar• induded in the inve5trnent portfolio..
2022
2021
Schr￿er Charity Equity Fund A
Rathbone UnitTrust Managemonl
Ca6h
437,636
433,982
118,658
7,8C6
11,208