Charity Number., 1001226
THE MUSEUM OF THE MERCIAN REGIMENT
(WORCESTERSHIRE & SHERWOOD FORESTERS COLLECTION)
UNAUDITED
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDING 31 DECEMBER 2023

THE MUSEUM OF THE MERCIAN REGIMENT {WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTION)
CONTENTS
Page
Reference and administrative details of the charity, its trustees and advisers
Trustees, report
Independent examiriers report
Statement of financial activities
Balance Sheet
Notes to the financia5 statement
10-20

THE MUSEUM OF THE MERCIAN REGIMENT {WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTIONI
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY rrs TRUSTEES AND ADVISERS FOR THE
YEAR ENDED31 DECEMBER 2023
Trustees
erigadler P DÉnnls CBE, Chalrman ex olllclo
Ellzabeih Fo[he￿Ill Lord tieutenant of Derbyshlre CBE,
Brigadler IRetdl C E Wllkinson CBE TD DL
Colonel (Retdl DR Sneath MA TD DI
Lleutenant Colonel D Flt2ger2ld
Lieutenant Colonel M A Holden. Ch£lrman
Lieutenant Colonel K Splers 08E
Mr D HaTrison- reslgned
Mr M Shaw
Mr M Siddons
Cllr N Atklns
Charlty registered number
1001226
Princlpal offlce
Foresters House
Army Rese¥ve Centre
Swinoy Way
Nottinghamshire
NG18 IRR
A￿oUntant
Aaron Cooke FCA
L J Hanbury Chartered Ac¢ountants
Ashleigh Villa,
143 Tamworth Rd,
Long Eaton,
Nottingham
NGIO IBY
Bankers
CAF Bank Ltd
25 Klngs Hill Avenue
West Malllng
Kent
ME19 4JQ
COIF Charitle5 Deposlt Fund
Senator House
85 Queen Victorla Street
London
EC4V AIET

THE MUSEUM OFTHE MERCIAN REGIMENT (WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTION)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees plesent their annual report together wlth the financial statement5 of the charity The
Museum of the Mercian Regimet)t (Worcestershire and Sherwood Foresters, collectionl for the year
from l January 2023 to 31 December 2023. The trustees confirm that the annual report and financial
statements of the charity comply wlth the current statuary requirements, the requlrements of the
charity's governing document and the provi55ons of statement of recommended practice:
Accounting and Reporting by CharltSes preparing their financial statements ir) accordance wlih the
Financial Reporting Standard appllcable In the UK and the Republic of Ireland IFRS 1021 issued on 16
July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of
Ireland IFRS 1021 and Charitle5 Att 2011.
Policies and objectives
The museum exists to tell the Story of the Régiment's13nd its predecessors, and successors'l history
and achievements by collectin& preseNlng, and dlsplaySng the Regiment's collection of artefact5
from its formation in 1741 to the present day for the benefit of the present and former members of
the Regiment, the residents of Nottlnghatllshire and Derbyshire, those further afield with specialised
Interest and visitors to the area. The displays of the collectlon aim to Interpret and communicate in
ways that inspire enjoyment and provokè questions from visitors.
The trustees have paid due regard to the Charlty Commission's guidance on publlc beneflt In
declding what activities the charlty should undertake. The museum provides public benéfit Ibenefit
to public at largel by..
Educating the public about the character, activities, and history of the &ritish Armv
Commemorating and remembering those who have lost their lives or suffered injury or put
themselves at risk of loss of life or injury in service lo the publlc
Strengthening the Ilnks between the military and civilian communit1es
A5515ting 5ervlce5 personnel more effectively to perforrn thelr rnllitary roles
It achieves thls by recordlng their deeds and those of their forebears, thereby hÉlplng to IncLJlcate an
ethos ahd esprit de corps that generate the fighting spirit necessary for 5ucces5ful operatlan5. As a
result, the museum promotes the efficiency of the armed force5 of the Crown by enhancing the
British Army'5 capablllty to undertake the roles demanded of It Includlng the defence of the Unlted
Kingdom and its Interests.
Volunteers
The museum is reliant on its volunteers to undertake research, 3rchlve work, educational projects and
to Staff stands on open days and events in the two cout)tles. The trustees estlmate that the number
of hours and value of volunteers to the Museum in 2023 was 54 whlch equate5 to £225 land uslng HLF
agreed figure of £100 per day for skilled volunteers).

THE MUSEUM OF THE MERCIAN REGIMENT (WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTION}
TRUSTEES, REPORT Icontlnuedl
FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENTS AND PERFORMANCE
Revlew of actlvltles
In 2023 the museum continued to focus on the archives In Chllwell. The medal dlsplays were
refreshed, and temporaly exhlbltion changed evèry 6 month5. The museum's donation box had to
be removed due to vandalism and had to be repaired. The webslte has ensured a steady income
stream from its museum enquiry service for those researchSng their lamlly history with the regSment.
The museum hired a Museum Ass15tant in 2022, to a￿l$t the Curator, and this has proved
Invaluable. 2023 saw the contlnued employment of an Assistant who answered Family Hlstory
enqulrles, an Smportant funding stream for the museum.
Nottingham City Councll took over the running of the site and the site remained closed for ihe
remalner of 2022. In June 2023, the slte w85 reopened by the City Council and the museum gallery
was open to the publlc again oncé more.
The museum contlnues to be a member of EMMA (Eakt Military Museums Association) and the
Curator attend5 It5 meetlngs so that the museums can work together on joint projerts. 2023 saw
these meetings continued onllne.
PhysScal visitols numbers to museum gallery In Nottingham Castle from lune 2023- December were
147,487. Our shared gallery in Derby Museum saw 85,738 vSsitors to the gallery. The website hit5 are
recorded In 2023 as 12,682 page views and 3770 usèrs. 81% of those user5 are new users and 19 %
are returning. On social media we had 809 followers on Facebook and 340 follower5 on X, formerly
Twitter.
Edutatlon
The Education Outreach SeNice with Access Aitefacts of Nottingham Museums and Galleries is part
of the Heritage Lottery furKI award. In Ottober 2016 both organisaticns split the profits of the boxes
with Access Artefacts administering and marketing the boxes to loc815chools. Sinte the boxes
launched, they have earned the museum £252.50 in income to date.
Finan¢lal review and Reserve5 Policy
The charity's funds continue to be invest8d as previously in COIF Accumulation 8nd Income Units
Ilncome units are generating at least £6,000 pa to support running costs together wlth a small reserve
of about £8,500 held on deposltl wlth the alm to achievin8 growth ag3inst the day when the grant in
aid f¥om the min1stry of defencè Is withdrawn, currently 2030. Projectlons indicate that the cost of the
Curator'5 pay will be covered by then, but more money will need to be raised to cover operatlonal
Costs from 2030. The Regimental Council of the Mercian Regiment ha5 been considering severance
grants to the museums of antecedent regiments.

THE MUSEUM OF THE f¥lERCIAN REGIMENT (WORCESTERSHIRE & SHERWOOD
FORESTERS COLLEcfioN)
TRUSTEES. REPORT l¢ontlnuedl
FOR THE YEAR ENDED 310ECEMBER 2021
The Trustees of the museum contlnue to meet to d15CU55 Way5 In whlch addltlonal supportlfundlnB
an be 8enerated to ensure Museum contlnues to represent the Merclan fleglment and Its
antecedents In our area
STRucfuRE, GOVERNANCE AND MANAGEMENT
Con5tliutlon
The Museum of the Mertlan reglment Iwofcestershlre and Sherwood Forestefs Collectlonl, Charlty
reglstered nLrmber 1001226 Is currently congtltuted by deed of trust dated 6 May 1990 whl¢h has
been updated and wa5 5ubmltted to the Chailty Commissloners In 2019. The permanent Exhlbltlon Is
housed In Nottln8ham Castle, on a Ilcence due for renewal by 2033.
Method for appolntment or elertlon of trustees
The mana8ement of the charlly Is the responslblllty of the trustees who are elected and co￿Pted
under the tem5 01 the trust deed.
Or8anlsatlonal strurture and declslon maklng
The Irustees meet twlce a year to revlew the flnanres and operatlon ofthe mtjseum. A management
commlttee meets at approxlmalely two-month InteNals wlth a Curatorto approve and coordlnate
the day-to-day management ol the museum.
The report was approved by ihe trustees, on,/5 Od4￿..2¥.*and slqned on thelr behalf by.,
Lleutenant Colc*nel M A Holden,
Chalrman Trustee

THE MUSEUM OF THE MERCIAN REGIMENT IWORCESTERSHIRE & SHERWOOD
FORESTERS COLLEcfioNI
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED31 DECEMBER 2023
INDEPENDENT EXAMINER'S REPORTTOTHE TRUSTEES OFTHE MUSEUM OF THE MERCIAN
REGIMENT (WORCESTERSHIRE & SHERWOOD FOREST£RS COLLECTIONI (ThE"CHARITY"I
I report to the charlty trustees on my examlnatlon of the accounts of the charlty for the year ended
31 December 2023.
The report is made solèly to the charity's twstees, as a i)odyi in accordance with part 4 01 the charities
laccounts and reports) regulations 2008, My work has been undèrtaken so that I mlght state to the
charity's trustees those matters l am requlred to state to them In the independent examinerfs report
and for no other purpose. To the fullest extent permitted by law, I do not accept or assume
responsibillty to anyone other than the ch8rity and the charitvs trustees as a body, for my work or for
this report.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustee5 of the charlty you are responsible for the preparatlon of the accounts In accordance
wlth the requirements of the charities act 20111'the 2011 act'l.
I report in respect of the examination for the charl￿S accounts carrted out under sectlon 145 of the
2011 act and in carrying out my eKamination I have followed all the applicable Jirectlons given by the
charity cornmisslon under section 145lsllbl of the 2011 Act.
INDEPENDENT EXAMINER STATEMENT
Your attention Is drawn to the fact the charity has prepared the account5 In accordance with the
Accountlng and Reporting by the charitles.. Statement of recommended practice appllcable to charltles
preparing thelr accounts accordance with the Financial réporting standard applicable in the UK and
republlc of Ireland IFRS 1021 ih preference to the Accountlng and reporting charitles= statement of
recommeNded practice issues on l April 2005 which is referred to in the extant regulations but has
been withdrawn.
l understand that this has been done In order for the accounts to provide a true and fair view In
8ccordance with the generally accepted accounting practice Èffective for reporting periods beginn1ng
on or aftei I january 2015.
I have completed my examination. I can confirm that no matters have come to my attention in
connection with the examlnation to 8lve me cause to believe that In any materlal respecl..
l. Accounting record5 were not kept In the re5ped of the charity as requlred by section 130 of
the 2011 Act,. or
2. The 3ccounts do not accord with those records., or
3. The accounts do not comply with the appllcable requiremenrs concerning thè form and the
content of the accounts as set out In the charities IAccountS at)d Reports) RegL¢latlons 2fK)8
other than any re4uSrement that the accounts give a 'true and fair, view which is not a matter
considered as part of an independènt èxamination.

THE MUSEUM OF THE MERCIAN REGIMENT (WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTION)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 310ECEMBER 2023
I have no concerns and have come across no other matters In connection wlth the examination to
which attention should be drawn in the report in ordér to enable a proper under5tandlng of the
accounts to be reached
Signed..
Dated.. 18 110 lJciJ4
AARON COOKE FCA. Chartered AccoLEntant

THE MUSEUM OF THE MERCIAN REGIMENT (WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTION)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestrleted
Funds
2023
Total
Funds
2023
Total
Funds
2022
Income from:
Note
Dc>nations and legacies
Charitable activitles
Investments
Total Income
7,643
29,686
8,360
45,689
7,643
29,686
8,360
45,689
3,559
23,305
10,169
36,033
Expendltures on..
Charitable activities
Total expendlture
37,039
37,039
37,039
37,039
35,909
35,909
Net Income before Inv¢stment
gains/llossesl
Net losseslgains on Investments
li
86,241
86,241
184,1171
Net Income before other recognlsed
gains and losses
94,891
94,891
183,9931
Net movement In funds
94,891
94A91
183,9931
Reconciliatlom of funds:
Total funds brought forward
589,179
589,179
673,172
Total funds carrled forward
684,070
684,070
589,179
The notes on pages 10 to 20 form pait of these financial statements.

7HE MUSEUM OFTtrIE MERCIAN REGIMENTIWORCESTERSHIRE & SHERWOOO
FORESTERS COLLEcfioNI
DA￿NCE SHEET
AS AT31 DECEM8EA 202$
2022
Notè
FIXEDA$5Ers
Her5ta8e )sset$
TanBlble assets
Inve5trnents
16.491
14,340
627.278
6S8.109
16A91
16,IIB
541,037
573.646
io
li
¢LIIRENT ASSETS
Dtbtors
C35hat b•nkond In hand
12
88S
25156
26.741
3,188
12,945
16,133
CIIEOITORS: amounts
fallln8 due wlthlnoneyear
N￿CuRRENT A55ETS
N￿ASsET5
13
780
500
15,534
589,179
CHARITY Fuhw
Unrestrlcted funds
14
684,070
589,179
YOTAL FUNDS
6B4.070
589,179
Tho financlal ststements were oppr*)ved byth¢ tfUStèES on the...
thdr behalf, bv,,
U•uter*anl CdDnel MA Holdqn. A￿1￿Cha11M￿n
The notes on page io 10 20 lorm partof these flnanclal 5titement5.

THE MUSEUM OF THE MERCIAN REGIMENT (WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTION)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
I. ACCOUNTING POLICIES
1.1. Basls of preparation of flnancial statements
The flnantlal statements have been prepared to glve 'true and fair vlew and have departed
from the charitles (accounts and reposts regulations 2008 only to the extent required to
provide a true and falr, vlew, This departure has involved followlng the charltles SORP IFRS
1021 published on 16 july 2014 rather than the 3¢counting and reporting by charities Statement
of recommènded practlce effectlve from l April 2005 whlch has since been wlthdrawn.
The fln3ncial statements have been prepared under the historical cost cOnVent￿n with Items
recognised at cost or transaction value unless otheNJSse stated in the relevant notes to these
accounts, The flnanclal statement5 have been prepared In 3ccordance to thc statement of
recommended practice.. Actounting and Reportlng by Charities preparinE their accountlnÉ
accordance wlth the Financial reportSnÈ standard appll¢able In the UK and the republic of Ireland
IFRS 1021 issued on 16 July 2014 and financial reportin8 5tBndard applicable In the united
kinEdom and Republ1¢ of Ireland IFRS 1021 and charities act 2011.
The Museum of The Mercian Reglment Iworcestershlre and Shenmood Foresters collection)
constitutes a publlc beneflt entity as deflnèd by FRS 102.
1.2. Fund aceounting
General finds are unrestricted funds which are available for use at the dlscretion of the trustees
in furtherance of the general objectlve5 of the charity and which have not been designated for
other purposes.
Restricted funds are fund5 whlch are to be used In accordance with specific restrictions Imposed
by donors or whlch have been ralsed by the charity for partlcular PUTpDses. The costs of raising
and administering such funds are charge4J aga5nst a specific fund. The aim and use of each
restricted fund is set out in the notes of the financlal statement.
io

THE MUSEUM OF THE MERCIAN REGIMENT (WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTION)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OECEMBER 2023
I. ACCOUNTING POLICIES (Gontinuedl
1.3. Income
All income is recognised once the charity has entltlement to the Income, It Is probable that the
income will be received and the amount of received can be measured reliably.
For legacles, entltlement Is taken a5 the earller date on which elther.. the charity is aware that
probate 15 grated, the estate has been finalised Ond notification has been made, or when the
dlstribution has been received from the estate. Re￿Ipt of a legacy, In whole or part, Is only
considered probable when the 3mOUnt can be measurèd relSably and the charity has been
notlfled of the executorfs Intentltsns to make 3 dlstributlon. Whore legacies have been notified
to thc charlty or the charlty Is aware of the grantlng of probate, and the trlterla for income
recognition have not beell met, then the legacy is treated as a contingent asset and disclosed if
materlal.
Gifts In kind donated for distributiori are included at valuation and recognised as Income when
you're sold. Donated facilitie5 are included at value to the charily where this c3n be quantified
and a third party is bearing the cost. No amounts are Included In ihe flnanclal statemenis for
serVI￿S donated by volunteers.
Income lax recoverable in relation to donations received under gift aid or deed5 of covenant Is
recogni5ed at the time of donation.
Other Income recognlsed In the perlod In which It Is recelvable and to the extent the goods have
been provlded or on completion of the servlces.
1.4. Expendlture
Expenditure Is recognised once there is a legal or constructive obligation to transfer economlc
benefit to a third partyi It is probable that a transfer of economic benefit will be required in
settlement and the amount of the obligation can be measured reliably. Expenditure is classified
by actniity. The cost of each activity are made up of the total of the direct costs and shared costs,
including svpport costs involved undertaking each activity. D1￿ct costs attributable to a single
activity are allocated directly to that activity. Shared costs which contribute to more than one
activity and support costs which are not attributable to a single activity are apportioned
between those activities on a basis consistent with the use of resources. Central staff costs are
allocated on the basis of time spent, and depreciation charge5 allocated on the portion of the
assets Use.
Governance costs are those incurred in tonnection with administration of the charity and
compllance wlth the constitutlanal and statutory requiremenls Charitable activilies and
governance costs are costs Incurred on the charity's educational operations, including support
costs and costs relatlng tc> the governance of the charity apportioned to charitable activitle5. All
expenditure is inclusive of irrecoverable VAT.
li

THE MUSEUM OF THE MERCIAN REGIMENT (WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTIONI
NOTES TO THE FINANCIAL STATEMENTS
FOR THEYEAR ENDED 31 DECEMBER 2023
I. ACCOUNTING POLICIES Icontinuedl
1.5. Heritage a5set5
The charity holds herltage assets, whlch arè tangible fixed assets of hlstorical, artistic or stientiflc
Importance that are held to advance preseNation and conservation otslectives of the charity.
Newly purchaged herltage 3ssets are capitalised and Included at cost including any incidental
expenses of acquisltion.
Where herltage assets where acquSred in the last accountlng periods and not capitalised, It is
difficult or costly to attribute a cost or value to them. In such cases, these assets are excluded
from the balance sheet if reliable cost inforrnation15 not available and conventional valuation
approache518ck sufficient rellability or slgnificate costs are Involved In the reconstruction or
analysis of p45t accounting records or in valuation, whlch are onerous compared wlth the
additional benefit derlved by users of the financial statements in asses51ng ihe trustees,
stewardship of the assets.
The very long expected life of heritage assets, due to their nature, value and need to be
protected and preserved means that deprecation is not material and is, therefore, ntst provided.
Herltage assets represent the regiment's collection of artefacts from Its formation in 1741 to the
present day.
Tanglble fixed assets are carrled at cost, net depretlation and any provision for Impairment.
Depreciation is provided at rates calculated to wrlte off the c05t of fixed Bsset5, less their
estimated residual value, over thèir expected useful Ilve5 on the following basis..
1.6. Investments
Fixed asset investments are a foim of financial Instrument and a￿ Snitially recognlsed at their
transactlon cost and subsequently measured at a falr value at the balance sheet date,. unless falr
value cannot be measured reliably in whlch case it is measured at cost less impairment.
Investment galns ancf1055es, whether realised Dr unreallsed, are combined and shown in the
heading'galns/ Ilossesl on investments in the statement of financial activitles.
1,7. Interest recelvahle
Interest on funds held on deposit is included when recelvable and the amount can be measured
reliably by the charity- this is normally upon notification of the interest paid or payable by the
bank.
1.8. Tanglble assets
Tangible assets are stated In the balance sheet 3t cost, less any subsequent accumulated
depreciation and subsequent accumulated Impaimlent loss.
The cost of tangible assets includes directly attributable incrernental costs incurred in their
acquisltion and Installation.
12

THE MUSEUM OF THE MERCIAN REGIMENT (WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTION)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
I. ACCOUNTING POLICIES Icontinuedl
1.9. Depreciation
Depreciation is chargèd so as to write off the cost of assets, other than18nd and property under
Construction over their estimated useful lives, as follows..
plant and Machine¥y
10%125% reducing balance
1.10. Debtors
Tradè and other debtors are recognlsed at the settl¢ment amount after any trade dlscount
offered. Prepayments are valued at the amount prepald net of any trade discount due.
1.11. Cash and bank and in hand
Cash at bank and in hand included cash and short terrn liquld Investments wlth a short maturlty
of three months or less from the date of acquisition or openlng of the deposlt or similar account,
1.12. Llabllltles and provlsions
Llabilities are recognised when there is an obllgation at the balante sheet date as a result of past
event, it Is probable that a transfer of economic benefit will be required In sÈttlement, and the
amount of ihe settlement can be estimated reliably. Liabilities are recognlséd at the amount that
the charity anticipates it will pay to settle the debt or the amount it ha5 recelved in advanced
Payments for the goods and services it musl provide. ProvlsStsns are measured al the best
estimate of the amount requlred to settlè the obligation. Where the effect of the time value of
money is material, the provision Is based on the present value of those amounts, dSscounted at
the pre-tax discount rate that reflects the rlsks speciflc to the liability. The unwinding of the
discount is ￿cognised within interest payable and similar changes.
Financial instruments
The charity only has fin3nci31 assets and financial liabilities of a kind that qualify as basic flnancial
Instruments. Basi5 financl31 instruments are initially recoEnises at transactlon value and
subsequently measured at their settlement value with the exception of bank loans which are
Subsequently measured at 3mort15ed cost using the effectlve interest method.
Pensions
The charity opèrates a defined contribution pension scheme and the pension char8e represents
the amount payable by the charity to the fund In respect of the year.
13

THE MUSEUM OF THE MERCIAN REGIMENT (WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTION)
NOTES TO THE FINANCIAL5TATEMENTS
FOR THEYEAR ENDING 310ECEMBER 2023
2. INCOME FORM DONATIONS AND LEGACIES
Unrestrlcted
funds
2023
Totsl
Funds
2023
Total
Funds
2022
Donations
Similar Incoming resources
4,160
3,483
4,160
3,483
291
3,268
Total donations and legacles
7,643
7,643
3,559
INCOME FROM CHARITABLE ACTIVITIES
Unrestyicted
funds
2023
Restrirtèd
Funds
2023
Total
Funds
2023
Total
Funds
2022
Army Museum Grant
Nottingham City Council
Other grants
29,686
29,686
22,305
29,686
29,686
22,305
INVESTMENT INCOME
Unrestricted
fuhds
2023
Total
Funds
2023
Total
Ftjnds
2022
Investment income
8,360
8,360
10,169
14

THE MUSEUM OF THE MERCIAN REGIMENT (WORCESTERSHIRE & SHERWOOD
FORESTERS COILECTIONI
NOTES TO THE FINANCIAL STATEMENT
FOR THE YEAR ENDING 31 DECEMBER2023
DIRECT COSTS
Dlrect
Costs
Total
2023
Total
2022
OffSce costs
other costs
Depreclation
Wages and Salarles
Penslon cost5
622
5,560
1,778
27,971
465
36,396
622
5,560
1,778
27,971
465
36,396
825
7,842
1,951
24,127
518
35,266
GOVERNANCE COSTS
Unrestrl¢ted
Funds
2023
Total
Funds
20Z3
Total
Funds
2022
Independent examlnation
643
643
NEf INCOMEI{EXPENDITUREI
This15 Stated after changing..
2023
2022
Pension Costs
46S
518
During the year, no trustees received any remuF)eratlon12022- ENILI.
During the year, no trustees received benefits in klnd12022- £NILI.
During the year, no trustees received 3ny reimbursèment of expenses12Q22- £NILI.
15

THE MUSEUM OF THE MERCIAN REGIMENT {WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTION)
NOTES TO THE FINANCIAL STATEMENT
FOR THE YEAR ENDING 31 DECEMBER 2023
STAFF COSTS
Staff costs were as follows..
2023
2022
Wages and Salarie5
27,971
24,127
Other Pension Cost5
465
28,436
518
24,645
The average number of persons employed by the charity durlng the year was a5 follows..
2023
No.
2022
No.
charltable activities
No employee received remuneration amounting to more than £60,OfX) in either year.
16

THE MUSEUM OF THE MERCIAN REGIMENT IWORCE5TERSHIRE & SHERWOOD
FORESTERS COLLECTION)
NOTESTOTHE FINANCIALSTATEMENTS
FOR THE YEAR ENDING 31 DECEMBER 2022
CHARITY HERITAGE ASSETS
Book/Medal
Collettlon
Total
HistorStal cost
At l January 2023
16,491
16,491
Additions In year
At 31 December 2023
16,491
16.491
Heritage assets represent the regiment's collectior) of artefacts from Its formation In 1741 to the
present day.
10. Tanglble assets
Plant and
Machinery
Total
Cost of valuatlon
At I january 2023
Addition in the year
Depreciation
At 31 December 2023
18,966
18,966
18,966
18,966
Depreclation
At l January 2023
Charge for the year
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
2,848
1,778
4,626
2,848
1,778
4,626
14,340
16,118
14,340
16,118
17

THE MUSEUM OF THE MERCIAN REGIMENT (WORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTION)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDING 31 DECEMBER 2023
11. FIXED ASSET INVESTMENTS
Llsted
Securities
At I january 2023
Additions
Revaluations
541,037
86,241
At 31 December 2022
Historf¢al tost
627,278
330,161
Investments at market value comprlse:
2023
2022
Listed investments
627,278
627,278
541,037
541,037
All the fixed a55et Investments are held in the UK.
12. DEBTORS
2023
2022
Trade debtors
PAYE
Prepayment5 and accrLJed income
429
456
2,726
462
885
3,188
13. CREDITORS: AMOUNTS FALLING DUE WITH IN ONE YEAR
2023
2022
Trade Creditors
Other taxatlon and social security
other c¥editors
Accruals and deferred income
120
60
600
780
600
600
18

THE MUSEUM OF THE MERCIAN REGIMENT IWORCESTERSHIRE & SHERWOOD
FORESTERS COLLECTIONI
NOTES TO THE FINANCIAL STATEMENrs
FOR THE YEAR ENDING 31 OECEMBER 2023
14. STATEMENT OF FUNDS
STATEMENTOF FUNDS- CURRENT YEAR
Balance at
31
December
2023
Balance at
l January
2023
Resources
EKpended
Galn/
ILossesl
Income
Unrestrlcted funds
General fund
589,179
45,689
137,0391
86,241
684,070
General funds are unrestricted funds whlch are available for use at the dlscretion of the trustees
in furtherance of ihe general objectives of the charity and which have not been dÈsiÈnated for
other purposes.
The restricted funds are for the refurb15hment of the galleries.
STATEMENTOF FUNDS- PRIOR YEAR
Balance at
31
December
2022
Balance at
I january
2022
Resources
Expended
Gain/
(Losses)
Income
Unrestricted funds
General fund
Total of funds
637,172
637,172
36,033
36,033
135,9091
135,9091
184,1171
184,1171
589,179
589,179
19

THE MUSEUM OF THE MERCIAN REGIMENT {WORCESfERSHIRE & SHERWOOD
FORESTERS COLLECTION)
NOTES TO THE FINANCIAL STATEMENTS
FOR THEYEAR ENDING 31 DECEMBER 2022
15. ANALYSISOF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS~ CURRENT YEAR
Unrestrirted
funds
2023
Total
Funds
2023
Fixed asset irbvestments
Heritage assets
Fixed assets
Current assets
C￿dItorS due within one year
627,278
16,491
14,340
26,741
17801
627,278
16,491
14,340
26,741
17801
684,070
684,070
ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR
Unrestrlcted
funds
2022
Total
Funds
2022
Fixed asset Investments
Heritage assets
Fixed assets
Current assets
Credit015 due within one year
541,037
16,491
16,118
16,133
16001
541,037
16,491
16,118
16,133
16001
589,179
589,179
16. PEN510N COMMITmE￿s
The charity operates a deflned contriblttions pènslon schemè. The assets of the scheme are held
separately from those of the charity In an Independently admlni5tered fund. The penslon cost
charge represents contributions payable by the charity to the fund and amounted to £46512022
£5181.
Contributlons totalllng £6012022 £nlll were payable to the fund at the balance sheet date.
17. RELATED PARTY TRANSAcfioNS
These are no related party transactlons to dlsc105e.
20