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2024-12-31-accounts

THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Registered Charity No. 278939

Azets Audit Services River House Maidstone Road Sidcup Kent DA14 5RH

THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST

CONTENTS

Page
Reference and Administrative Details 1
Report of the Trustees 2
Independent Examiner’s Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7

THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees Mr Timothy Cooke OBE (Chairman)
The Honourable David McAlpine
Mr Edward C A Martineau
Mr Michael J B Watson
Mr James A Glover Wilson
Mr Algernon Percy
Charity Registration Number 278939
Principal Office National Army Museum
Chelsea
London
SW3 4HT
Banker Coutts & Co
St Martin’s Office
440 Strand
London
WC2R 0QS
Independent Examiner M A Wilkes FCA
Azets Audit Services
River House
1 Maidstone Road
Sidcup
Kent
DA14 5RH
Investment Manager Rathbone Investment Management
8 Finsbury Circus
London
EC2M 7AZ
Schroders Unit Trusts Limited
PO Box 1102
Chelmsford
SM99 2XX

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THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST

REPORT OF THE TRUSTEES

The Trustees present their report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing accounts in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2021 and UK Generally Accepted Accounting Practice.

Objectives and activities

In accordance with the Trust Deed the Trustees ordinarily make grants to further the work of the National Army Museum in such manner as the Trustees shall in their absolute discretion think fit, but may also or instead make grants from time to time for such other charitable purposes (preferably having a connection with the British Army) as the Trustees shall in their absolute discretion think fit.

Financial Review

The Development Trust received income of £26,780 (2023 : £29,400) during the year. Expenditure totalled £26,400 (2023 : £15,540) resulting in a surplus before unrealised gains and losses on investments of £380 (2023 : surplus £13,860). The net movement in funds after unrealised gains and losses was a surplus of £55,856 (2023 : surplus £54,792).

During 2024 the Trustees committed £10,000 to the post-doctoral research fellowships sponsored by the Museum, £10,000 towards the purchase of the Cumberland Society medal and £2,800 for the Templer Awards presented by the Society for Army Historical Research' (2023 : £10,000 Post-Doctoral Research Fellowships sponsored by the Museum and Templer Awards).

The net assets at 31 December 2024 are £683,103 (2023 : £627,247) of which £646,824 is invested in marketable securities (2023 : £587,855).

Reserves Policy

The Trustees aim to hold free reserves, excluding those included in investments, at a level which will provide sufficient funds to respond to applications for grants and to cover administration costs. The actual level of free reserves, excluding investments at 31[st] December 2024 was £36,279 (2022 : £39,932).

Investments totalling £646,824 (2023 : £587,855) are held to generate investment income and to increase the capital of the Trust.

The Trustees will review the policy on an annual basis.

Investment Policy

The Trust Deed authorises the Trustees to make and hold investments, using the general funds of the charity.

The Trustees’ investment policy is to invest in relatively low risk equity based managed funds to achieve growth and income.

The Trust intends to maximise by prudent investment its funds, in so far as they are not required for the short term purposes of the Trust, with the intention that the Trust will have such an income available to enable Trustees to undertake projects consistent with the terms of the Trust Deed.

Future Plans

The Trustees continue to rebuild the asset base of the trust after recent major disbursements. At the same time, they are keen for the trust to engage actively with the Museum's plans through active sponsorship of post-doctoral research fellowships and by supporting the Museum's major acquisitions. The trustees are also glad to support the Museum's relationship with the Society for Army Historical Research by funding half the annual Templer awards for new publications on British military history.

2

THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST

REPORT OF THE TRUSTEES

Going Concern

In approving these financial statements, the trustees have considered the level of funds held by the Trust and the expected level of income and expenditure for the next twelve months. The reserves are more than sufficient for the charity to be able to continue as a going concern.

Structure, governance and management

The Charity is an unincorporated entity, governed by a Deed of Trust dated 29 September 1979 and a set of Rules (revised 14 April 2011). It is a registered charity, number 278939.

Trustees

The following Trustees have served during the period to date:

Mr Timothy Cooke OBE Chairman The Honourable David McAlpine Mr Edward C A Martineau Mr Michael J B Watson Mr James A Glover Wilson Mr Algernon Percy – appointed 22 July 2024

Trustees were originally appointed by Deed, but latterly have been appointed by minuted decision of the Trustees at their meetings. Any person, including a Member of the Council of the National Army Museum, may be appointed as a Trustee.

The Trustees shall not be fewer than five or more than ten in number.

The Trustees appoint a Chairman for a term of three years and thereafter to the next general meeting of the Trustees.

The Trustees meet one to two times a year.

Statement of Trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Annual 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 Deed of Trust dated 29 September 1979. 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 are responsible for the maintenance and integrity of the charity in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

This report was approved by the Trustees on 10 July 2025 add signed on their behalf:

Mr Timothy Cooke OBE Chairman – Trustee

3

THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF THE NATIONAL ARMY MUSEUM DEVELOPMENT FUND

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 5 to 9.

Respective responsibilities of Trustees and examiner

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

M A Wilkes FCA

Azets Audit Services River House 1 Maidstone Road Sidcup Kent DA14 5RH

11 August 2025

4

THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
INCOME
Voluntary income
Investment income
3
Total income
EXPENDITURE
Charitable donations
4
Accountancy charges
Bank charges
Investment manager charges
Other costs
Total expenditure
Net (expenditure)/income and
movement on investments funds
before gains on investments
Gains/(Losses) on investments
5
NET MOVEMENT IN FUNDS
Funds at 1 January 2024
FUNDS AT 31 DECEMBER 2024		 Unrestricted funds
2024
2023
£
£
500
200
26,280
29,200
_
_
26,780
29,400
_
_
22,800
12,800
2,520
1,812
524
522
234
211
322
195
_
_
26,400
15,540
_
_
380
13,860
55,476
40,932
_
_
55,856
54,792
627,247
572,455
_
_
683,103
627,247

All transactions in 2024 and 2023 were derived from unrestricted funds.

5

THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2024

Note
2024
2023
£
£
£
FIXED ASSETS
Investments
5
646,824
CURRENT ASSETS
Debtors – accrued income
9,443
9,280
Bank deposit – Coutts Finance
Company
29,686
47,677
_
_
39,129
56,957
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
Accruals
(2,850)
(17,565)
_
_
NET CURRENT ASSETS
36,279
_
NET ASSETS
683,103
_
REPRESENTED BY:
Unrestricted funds
683,103
____
683,103
 £
587,855
39,392
_
627,247
_
627,247
____
627,247

Approved by the Board of Trustees on and signed on its behalf on 10 July 2025 by:

Mr Timothy Cooke OBE Trustee

Mr Edward C A Martineau Trustee

6

THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

1.1 Basis of preparation

The National Army Museum Development Trust is a Trust in the United Kingdom. The address of the principal office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out on page 2.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Charities Act 2011 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Funds

Unrestricted funds are donations and other income receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

1.3 Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.

1.4 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

7

THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.5 Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit with a maturity of less than one year.

1.6 Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for twelve months from approving these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

1.7 Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No judgements or key assumptions were made in the preparation of the accounts.

2. STAFF COSTS AND TRUSTEE’ REMUNERATION

No staff are directly employed by the charity.

None of the Trustees received any remuneration, one Trustee received reimbursed expenses totalling £73 for travel and meeting costs during the year (2023 : none).

3. INVESTMENT INCOME

Income from investments
Interest on bank and cash deposits		 2024

£

25,370
910
____
26,280
 2023
£
28,585
615
____
29,200

8

THE NATIONAL ARMY MUSEUM DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4. DONATIONS PAYABLE

4.
DONATIONS PAYABLE
National Army Museum
Cumberland Society Gold Medal
Templer
Awards
(Society
of
Army
Historical Research)
5. INVESTMENTS
Market value at 1 January 2023
Additions
Disposals
Unrealised gains/(losses)
Market value at 31 December 2023
Historic cost		 _ 2024
£
10,000
10,000
2,800
_
22,800
_
2024
£
587,855
3,775
(282)
55,476
_
646,824
_
219,175
____		 _ 2023
£
10,000
-
2,800
_
12,800
_
2023
£
543,190
3,944
(211)
40,932
_
587,855
_
220,430
____
_
 _

The investments are carried at their fair value which is determined by the reference to the mid-market value.

The following investments are included in the investment portfolio:

Schroder Charity Equity Fund A
Rathbone Unit Trust Management
Cash		 2024
£
515,356
129,153
2,315
 2023
£
478,552
94,151
15,152

9