**Charity registration number 1058595**
## **COMBINED MILITARY SERVICES MUSEUM**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **COMBINED MILITARY SERVICES MUSEUM**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mr R Wooldridge Dr D A Pullen Mr J M Hulott Dr V E Ashworth te Velde Mrs A A J Percival-Borley
**Charity number** 1058595 **Registered office** Station Road Maldon Essex CM9 4LQ **Independent examiner** Azets Audit Services 3Mc Middlemarch Business Park Siskin Drive Coventry CV3 4FJ
## **COMBINED MILITARY SERVICES MUSEUM**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 15|
## **COMBINED MILITARY SERVICES MUSEUM**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
The trustees present their annual report and financial statements for the year ended 31 August 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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)" (effective 1 January 2019).
## **Objectives and activities**
The main objects of the charity are to display its collection for the education of the general public, and to preserve its collection for the benefit of future generations.
The charity will co-operate with other charities, voluntary bodies and statutory authorities operating in furtherance of the objectives and to exchange information and advice with them.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The trustees are very grateful for all the efforts of the volunteers throughout the year.
## **Achievements and performance**
During the current financial period the Museum has reduced its costs to offset the high energy bills it has been facing. It has had an energy review, which has assisted in greatly reducing its electrical costs, helping the museum to become more resilient.
The museum has also relied heavily on volunteers to help man the museum, and has been successful in receiving funds for the loan of artefacts for international exhibitions to assist with cashflow.
Visitor numbers have been slowly improving during this financial period and are now back to similar levels to that achieved prior to the Covid-19 pandemic.
Overall the trustees are very satisfied with the museum's activities and the charity's performance during the financial year.
## **Financial review**
The trustees believe that the year end position and financial performance during the year are satisfactory. At the balance sheet date total funds were £2,172,069 (2023 - £2,161,834). Of these funds £234,108 (2023 - £236,171) relates to restricted funds.
A surplus of £10,235 (2023 - £25,740 deficit) has been returned for the year. This has been achieved through an increase in admissions and shop income along with other income earned from loaning some exhibits to other establishements.
The charity has also taken the opportunity to invest in updating some of its procedures and policies, which has resulted in the museum being awarded accreditation again, which reflects the good work of the staff and Trustees during this period.
- 1 -
COMBINED MILITARY SERVICES MUSEUM
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
Most of th& funds are unrestrictod funds which are available for use at the discretion of the trustees in furtherance of
the general objectives of the charrty and which have not been designated for other purposes. The only exception to
this is the lottery grant which is prlmarily to fund the extension 01 the museum and ha5 been treated accordingly.
The levels of reserves have so far beèn determined by 8xternal factors as the charity b@comes established, but it is
expected that reserves will be determined by the need to keep a minimum level of operating working capital,
especially with regard to unrestricted fvnds. Restricted fvnds are not expected to be liquid 8s Ihey are likely to be
tied up in the freehold building
Tho trustees have examined the charity's requirements for reserves and have establlshed 8 policy that unréstricted
reserves should be sufficlent to cover 8t least 61x months of the charlty's expenditure.
The Museum'$ maln $our¢es of income are denved from adml8sion$ and assoclaled sales at the Musuem,
supplementèd by grant funding and donatlons
The trustees have a duty to Identify and review the risks to which the charity is exposed and to 8n5ure approprlate
controls are in pl8C8 to provlde reasonable assurance against fraud and èrror.
Structure, governance and management
The charity 15 controlled by rts governing document, a deed of trust, and consthutes an unlncorporated charY(y, The
ch8rrty is constituted by Deed of Trust dated 29th August 1996 and ils registered number is 1058595
The trustées who served durlng lh6 yeer and up to the date of sigF)ature of the financial statements were.
MT R Wooldridg6
Dr DA Pullen
Mr J M Hulott
Dr V E Ashworth te Velde
Mrs A A J Perclval-8orley
The exlstlng trustè06 mak8 appolntments ol nèw trustees when deemed necessary In order to Perform the trust's
obj'ectives 8ffectiv&ly. Potentl81 trustees are selected on the basis of thelr relevant background and èxperlence and
are 6xpè¢ted to actively support and further the charity's work,
The trustees meet on 8 regular basis in ordèr to discuss relevant metters relating to the charrty. Important decl$lons
are reached at these meetlngs and communicated to the staff and othèr interested partle$
Publlc benellt
The tshj•e.t nf +hr• Combin•d Mll+tory 8tsryl¢e# Mutsvuiii l? tu ditspiay its collection lor the education of the general
publlc. Thè trustees are very pleased with the work having been Carried oul this year in line with the charrty's
objects.
The trustees havè read the guidance issued by the Charity Commission and consideT that they are in full
compliance.
Tho trustees, report was approved by the Board of Truste&s.
Mr R Wooldridge
Trustee
Date..
COMBINED MILITARY SERVICES MUSEUM
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF COMBINED MILITARY SERVICES MUSEUM
I report to the trustees on my examination of the financial statements of Combined Military Servlc8s Museum (the
charlty) for the year ended 31 August 2024.
Responslbllltles and basls of report
As th8 trustees of the charity you are responsible for the preparation of the financial statements in accordance with
the r8quirements of the Charitles Act 2011 (the 2011 Act).
I report in respect of my examlnation of the charity's financial statements carried out under section 145 of th8 2011
Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission
under s8dion 145(5)(b) of the 2011 Act.
Independent examlnorfs 8tatom•nt
Your attentlon Is drawn to the fact that the charlty has prepared financial statements In accordan¢8 with Aecounling
and Rèporting by Charities prepartng Iheir accounts in accordance wlth th8 Financial Reporting Standard appllcabla
in the UK and Republic of Ireland {FRS 102) in pr8fer8nca to the Accounting and Reportlng by Charities.. Statement
of Recommended Practice issued on 1 April 2005 which is referred to In the extanl gUlationS but ha5 now been
withdrawn.
l understand that thls has bèen done In order for financlal statements to provide a true and falr vI8w in accordance
wlth G8nerally Accepted Accounting Practice effective for reporting periods beglnning on or after 1 January 2015.
I have completed my gxaminatlon. I confimi that no matters have Mme to my attention In Connection with the
examination giving me cause to believe that in any materlal respect:
accounting e0rd$ were not kept In respect of the chaiity as qUired by 88Ction 130 of the 2011 Act. or
the financial statements do not accord with tho88 r8cnrds', or
the financial statements do not comply with the gpplicable requlrements concerning tha form and conlent of
accounts set out In the Charities (Accounts and Reports) Regulations 2008 other than any requlrement Ihat Ihe
accounts glve a tru8 and faSr vlew whlch is not a matter considered as part of an Independent examination.
I have no concems and have come across no other matters in connectlon wlth the examinallon lo whlch attention
should be drawn in Ihls report in order to enable
proper understanding of the financial statements lo be reached.
Robert Anderson FCA
Azots Audft Servlces
3Mc Middlemarch Business Park
Siskin Drlve
Coventry
CV3 4FJ
United Kingdom
## **COMBINED MILITARY SERVICES MUSEUM**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Donations and
legacies
**3**
32,068
-
Charitable activities
**4**
47,275
-
Other trading
activities
**5**
11,104
-
Investments
**6**
10
-
**Total income**
90,457
-
**Expenditure on:**
Raising funds
**7**
6,063
-
Charitable activities
**8**
72,096
2,063
**Total expenditure**
78,159
2,063
Gross transfers
between funds
-
-
**Net income/(expenditure)**
**for the year/**
**Net movement in funds**
12,298
(2,063)
Fund balances at 1
September 2023
1,925,663
236,171
**Fund balances at 31**
**August 2024**
1,937,961
234,108|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
32,068
32,050
1,000
47,275
42,106
-
11,104
8,848
-
10
65
-
90,457
83,069
1,000
6,063
1,470
-
74,159
92,336
16,003
80,222
93,806
16,003
-
(1,500)
1,500
10,235
(12,237)
(13,503)
2,161,834
1,937,900
249,674
2,172,069
1,925,663
236,171|**Total**
**2023**
**£**
33,050
42,106
8,848
65
84,069
1,470
108,339
109,809
-
(25,740)
2,187,574
2,161,834|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
COMBINED MILITARY SERVICES MUSEUM
BALANCE SHEET
AS AT 31 AUGUST 2024
2024
2023
Not••
Flxed i••et•
Tangible assets
Herrtage assets
13
14
637,000
1,527,895
840,419
1,513,895
2.184,895
2.164.314
Curr•nt a•••t•
stock?
Debtors
Cash at bank and In hand
16
17
1,812
4,998
4,887
3,681
2.045
5,685
11,697
11.411
Credltor•'. •mount• falllng du• wlthln
one year
18
14, 5231
13,891)
Net current a860t8
7.174
7,520
Total a•••ts lu8 current Ilablllti
2.172,069
2,161.834
Incom8 fund•
R•8trict?d funds
Unrestricled funds
20
234.108
1.937.981
236,171
1.925.663
2.172.069
2,161.834
The financial $t8tem•nts wer• approved by the TruGta88 on
Mr R Wooldndge
Tru•t••
## **COMBINED MILITARY SERVICES MUSEUM**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **1 Accounting policies**
## **Charity information**
Combined Military Services Museum is a charitable trust and registered at the Charity Commission number 1058595.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
## **COMBINED MILITARY SERVICES MUSEUM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **1 Accounting policies**
**(Continued)**
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
## **1.5 Expenditure**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings No depreciation is provided Plant and machinery 10% on reducing balance Fixtures and fittings At variable rates on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
No depreciation is provided on the charity's freehold property as the trustees believe that its economic value is substantially higher than its book value and any depreciation would be immaterial. The property will be subject to regular impairment reviews.
## **1.7 Heritage assets**
Heritage assets are initially shown at the cost of the acquired asset. A heritage asset that is recognised initially at its cost may be subsequently carried at a valuation where a charity adopts a policy of carrying its heritage assets (or group of heritage assets) at valuation. Heritage assets are held and maintained principally for their contribution to knowledge and culture and consequently are not considered to have a finite economic life. Consequently no depreciation is charged on heritage assets.
## **1.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.9 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
- 7 -
## **COMBINED MILITARY SERVICES MUSEUM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.10 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.11 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.12 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.13 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **1.14 Heritage Lottery Fund**
The National Lottery fund contributed to the cost of buildings and display cases and the balance on the restricted fund represents the value of those assets acquired less amortisation.
- 8 -
## **COMBINED MILITARY SERVICES MUSEUM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
|**Unrestricted**
Unrestricted
Restricted
**funds**
funds
funds
**2024**
2023
2023
**£**
£
£
Donations and gifts
32,068
32,050
-
Grants received
-
-
1,000
32,068
32,050
1,000
**Grants receivable for core activities**
Other
-
-
1,000
-
-
1,000|Total
2023
£
32,050
1,000|
|---|---|
||33,050|
||1,000|
||1,000|
## **4 Charitable activities**
|Admissions income
Other income|**2024**
**£**
41,181
6,094
47,275|**2023**
**£**
37,435
4,671|
|---|---|---|
|||42,106|
- 9 -
## **COMBINED MILITARY SERVICES MUSEUM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
|**5**
**6**
**7**|**Other trading activities**
**Unrestricted Unrestricted**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
Shop income
11,104
8,848
**Investments**
**Unrestricted Unrestricted**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
Interest receivable
10
65
**Raising funds**
**Unrestricted Unrestricted**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
Fundraising and publicity
Other fundraising costs
6,063
1,470
6,063
1,470|**Other trading activities**
**Unrestricted Unrestricted**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
Shop income
11,104
8,848
**Investments**
**Unrestricted Unrestricted**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
Interest receivable
10
65
**Raising funds**
**Unrestricted Unrestricted**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
Fundraising and publicity
Other fundraising costs
6,063
1,470
6,063
1,470|
|---|---|---|
|||1,470|
- 10 -
## **COMBINED MILITARY SERVICES MUSEUM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **8 Charitable activities**
|Staff costs
Depreciation and impairment
Rates and water
Insurance
Light and heat
Repairs and maintenance
Printing and stationery
Telephone
Advertising
Travel costs
Sundry costs
Bank charges
Share of governance costs (see note 9)
**Analysis by fund**
Unrestricted funds
Restricted funds|**2024**
**£**
41,397
3,419
351
3,959
10,013
3,694
503
1,798
2,100
408
3,052
998
71,692
2,467
74,159
72,096
2,063
74,159|**2023**
**£**
70,897
3,799
267
3,617
9,822
7,573
1,956
1,390
717
252
4,043
1,011|
|---|---|---|
|||105,344
2,995|
|||108,339|
|||92,336
16,003|
|||108,339|
## **9 Support costs**
|**Support costs**||||
|---|---|---|---|
|Accountancy
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
-
2,467
-
2,467
-
2,467|**2024**
**£**
2,467
2,467
2,467|**2023**
**£**
2,995|
||||2,995|
||||2,995|
Governance costs includes payments to the accountants of £1,920 (2023- £1,830) for independent examiners fees.
- 11 -
## **COMBINED MILITARY SERVICES MUSEUM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **10 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **11 Employees**
The average monthly number of employees during the year was:
||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Museum operations|3|4|
|**Employment costs**|**2024**|**2023**|
||**£**|**£**|
|Wages and salaries|40,611|68,775|
|Social security costs|-|706|
|Other pension costs|786|1,416|
||41,397|70,897|
There were no employees whose annual remuneration was more than £60,000.
## **12 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
- 12 -
## **COMBINED MILITARY SERVICES MUSEUM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **13 Tangible fixed assets**
|**Cost**
At 1 September 2023
At 31 August 2024
**Depreciation and impairment**
At 1 September 2023
Depreciation charged in the year
At 31 August 2024
**Carrying amount**
At 31 August 2024
At 31 August 2023|**Land and**
**buildings**
**£**
606,227
606,227
-
-
-
606,227
606,227|**Plant and**
**machinery**
**Fixtures and**
**fittings**
**£**
**£**
47,250
167,540
47,250
167,540
40,973
139,625
628
2,791
41,601
142,416
5,649
25,124
6,277
27,915|**Total**
**£**
821,017|
|---|---|---|---|
||||821,017|
||||180,598
3,419|
||||184,017|
||||637,000|
||||640,419|
No depreciation is charged on the freehold property because in the opinion of the trustees any such charge would be immaterial.
## **14 Heritage assets**
|At 1 September 2023
Purchases
**At 31 August 2024**|**£**
1,513,895
14,000|
|---|---|
||1,527,895|
Heritage assets represent the charity's various display collection and all assets are shown in the financial statements at their cost price.
Over the last five years heritage asset additions totalled £68,936 and disposal proceeds £12,455. None of the heritage assets have been impaired.
|**15**
**Financial instruments**
**Carrying amount of financial assets**
Debt instruments measured at amortised cost
**Carrying amount of financial liabilities**
Measured at amortised cost|**2024**
**£**
5,848
2,987|**2023**
**£**
11,994|
|---|---|---|
|||14,830|
- 13 -
## **COMBINED MILITARY SERVICES MUSEUM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **16 Stocks**
|**2024**
**£**
Finished goods and goods for resale
1,812
The amount of stock recognsied as an expense during the period was £6,063 (2023 - £1,470).
**17**
**Debtors**
**2024**
**Amounts falling due within one year:**
**£**
Other debtors
801
Prepayments and accrued income
4,197
4,998
**18**
**Creditors: amounts falling due within one year**
**2024**
**£**
Trade creditors
2,149
Other creditors
2,374
4,523|**2023**
**£**
3,681|
|---|---|
||**2023**
**£**
1,241
804|
||2,045|
||**2023**
**£**
1,125
2,766|
||3,891|
## **19 Retirement benefit schemes**
## **Defined contribution schemes**
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £786 (2023 - £1,416).
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## **COMBINED MILITARY SERVICES MUSEUM**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **20 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|**Balance at**
**1 September**
**2022**
**£**
Heritage
Lottery Fund
238,464
Digitisation of
documents
11,210
249,674|**Movement in funds**
**Movement**
**in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance at**
**1 September**
**2023**
**Incoming**
**resources**
**£**
**£**
**£**
**£**
**£**
-
(2,293)
-
236,171
(2,063)
1,000
(13,710)
1,500
-
-
1,000
(16,003)
1,500
236,171
(2,063)|**Balance at**
**31 August**
**2024**
**£**
234,108
-|
|---|---|---|
|||234,108|
The Heritage Lottery Fund represents lottery funding received relating to the purchase of freehold property and various fixtures and fittings. At the balance sheet date the balance on the fund is represented by the net book value of these assets.
The Gerry Holdsworth Special Forces Charitable Trust funding is to help with digitising the records and artefacts that relate to SOE and Special Forces held by the museum.
## **21 Analysis of net assets between funds**
|**Analysis of net assets between funds**|||
|---|---|---|
|**Unrestricted**
**funds**
**Restricted**
**funds**
**2024**
**2024**
**£**
**£**
Fund balances at 31
August 2024 are
represented by:
Tangible assets
402,892
234,108
Heritage assets
1,527,895
-
Current assets/(liabilities)
7,174
-
1,937,961
234,108|**Total Unrestricted**
**funds**
**Restricted**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
637,000
404,248
236,171
1,527,895
1,513,895
-
7,174
7,520
-
2,172,069
1,925,663
236,171|**Total**
**2023**
**£**
640,419
1,513,895
7,520|
|||2,161,834|
## **22 Related party transactions**
## **Transactions with related parties**
During the year, the charity received donations of £17,500 (2023 - £20,000) from one of its trustees, Mr R Wooldridge. There were no conditions attached to these donations.
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