REGISTERED CHARITY NUMBER: 1070181 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2024 Be Prepared - The Story of Scouting Museum Trust incorporating Be Prepared- The Story of Guiding Mcmillan & Co LLP Chartered Accountants 28 Eaton Avenue Matrix Office Park Buckshaw Village Chorley Lancashire PR7 7NA
Be Prepared - The Story of Scouting Museum Trust Contents of the Financial Statements for the year ended 31 December 2024 Page Report of th8 Trustees 1 to 8 Independent Examinerfs Report Statement of Financial Activities 10 Balance Sheet 11 Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to the Financial Statetnents 14 to 22 Distribution The Scout Association., West Lancashire County Scout Council., Girlguiding U K- Girlguiding North West England., Trust Accountant., - Museum Webmaster., Board of Museum Trustees. - Museum Duty Curators., Investment Managers.
Be Prepared - The Story of Scouting Museum Trust Report of the Trustees for the year ended 31 December 2024 The trustees present their annual reports with the financial statements of Be Prepared The Story of Scouting Museum Trust for the year ended 31 December 2024. The trustees have adopted the provisions of "Accounting 2nd 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 January 2022). Objectives and Aims The aim of Be Prepared - The Story of Scouting Museum Trust {"BPTSSMF') is to educate the public on the history and development of the SGOUt and Guide Movements. We achieve this in 2 ways, by visitors exploring our Scout and Guide Museum located in the grounds of Waddecar Scout Carnpsite and by access to our website. Either a visit to our museum or a visit to our website are available to all members of the public and are therefore considered to be a public benefit under Section 4 of the Charities Act 2011. Public benefit The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives. Page 1
Be Prepared - The Story of Scouting Museum Trust Report of the Trustees for the year ended 31 December 2024 OBJECTIVES AND ACTIVITIES Chairman's Report This is my twentieth report as Chair of the Trust and l am delighted to report that considerable progress has been made in 2024. Last year I mentioned that arrangements were being made for all of us to have the benefit of some hands-on training in the conservation and preservation of our artefacts and memorabilia. In May, all the Trustees and some of the Museum Volunteers, who are not Trustees, attended for a full day's workshop in the Museum led by Jenny Truran the Conservation Manager at Lancashire County Council's Museum Service in which we gained a great deal of knowledge and experience which we have been putting into effect. We had four Trustees meetings during the year and on Saturday 21st September, we had a full day at Fulwood Barracks at the Lancashire Infantry Museum with thanks to Michael Glover one of our Trustees. The morning consisted of usual Trustee business but in the afternoon we held our own workshop to focus on key issues in more depth leading to more informed decisions. Topics included defining our purpose., collection audit and time line., future displays., possible future building work and marketing. This was very successful and we shall be using this format on a Saturday in September each year. Our major project for the next four years is to complete the audit of all our artefacts held in the Museum and record them on the specifically designed sofvare used by Museums up and down the Country which is called Modes Complete. Most of this painstaking work is looking through box files as well as cupboards, drawers and the likes which cannot be done on a Saturday when the Museum is open to the public Therefore. every Tuesday a band of about 6 to 8 volunteers consisting of Trustees and Museum Volunteers spend the full day bringing to light artefacts, many of which have not previously been documented. Any artefact which does NOT have a Scouting or Guiding connection, is put on one side for future listing on on-line selling sites and the money raised used for the benefit of the Museum. Going through systematically, has revealed that we have many duplicates of either books andlor badges which, in the first place are used as swops for items we haven't got and then sold to Scouts and Guides. Badges of all shapes and sizes, both metal and cloth, are a thriving business and 'Badger Meets, are held up and down the Country at least four times a year. We hosted one such gathering in the Museum in 2024 and we are now an active part of this group. One spin off, to being involved with the 'badger meets,, is that we have been able to promote The Little Gem and the contacts we have made have been amazing. I want to thank Peter Bird and Phil Wheatley particularly for this initiative. With the transformation of the Scout Association, our Scout County of West Lancs took this on board. As far as the Museum is concerned, we are now a Sub-Team and part of the new Waddecar Support Team. Together with the Crew volunteers and the Waddecar volunteers (duty wardens and activity leaders}, the Sub-Team Leader of each sub team initially met monthly but now we are meeting quarterly. We each drew up a job description and shared it with the others. This has led to better communications about what each sub team does and has raised our profile. l also want to thank Jack McGrath for his work as SecretarylAdministrator who, not only as a Trustee and Museum Volunteer, also deals with the numerous enquiries that come in on info@littlegem.org uk as well as inputting details of all artefacts onto our computer system. This is amongst the many other Jobs he does not only every Tuesday but on other days when people want to visit the Museum. Thank you Jack from all of us. Finally, I want to thank all my fellow Trustees each of whom has a specialist area of knowledge as well as the other Museum Volunteers who open the Museum on a Saturday and to the ever-increasing number who turn up on a Tuesday unearthing treasures that we didn't know we had. Thank you to you all. The Museum is going from strength to strength. This year we will be celebrating our 25th Anniversary and I will report next year on a n umber of interesting developments that we currently have in the pipelinel I I strongly recommend to you all to read our Secretary's report starting on the next page. David fhornton, Chair of Trustees Page 2
Be Prepared - The Story of Scouting Museum Trust Report of the Trustees for the year ended 31 December 2024 OBJECTIVES AND ACTIVITIES Secretary's report l am delighted to be able to report as the Secretary of the Trust some of our more notable and significant activities and events over the past year. 2024 has, once again, been a busy year for the Museum with our continual checking, and recording, of the artefacts collected by the late Michael Loomes over may years along with further donations which have been received. Our Trustees and Museum Volunteers have supervised the building when it has been open to visitors and up to closing on 21 st December 2024 for Christmas and the New Year, we had received 2,423 visitors. We are grateful to all our Museum Volunteers for their continued support in ensuring the Little Gem has remained operational during this time. David King continues to provide the cleaning of the Little Gem and we are also grateful for the help and support of members of the County Executive Committee, WaddeGar Management Committee, County staff. members of the Waddecar Service Crew and other volunteers who have continued to help the Trust to achieve its aims. The Friends of the Trust are also thanked for their annual contributions and we look forward to seeing as many as possible at our next Friends Open Day. The following entries in the Visitors, Book represent a cross section of the comments made by some of the many visitors to the Little Gem during 2024. Scouting and Guiding visitors have come from as far afield as Korea, the USA and Singapore, as well as from Europe (Germany, Ireland, Norway, Georgia & the Netherlandsl. The UK has been well represented with visitors corring from Scotland, Wales, Isle of Man, Northern Ireland and many of the Counties of England, whilst Groups representing Scouts and Guides from within the West Lancashire Scout Districts boundaries have also been to visit the Museum. 'Great way to get an insight into Scouting history, _ St Mary's Clitheroe 'Thank you so much for talking to us about our history, 2nd Atherton Cub Scouts 'The Guides enjoyed learning and asking questions, thanks, 1st Bispham Guides 'A great experience and interesting visit, thank you, _ Rastrick St Matthew's Scout Group, Brighouse 'We had a great time. very nice Museum volunteers- HJB Wateregge, Almelo, Netherlands 'Amazing display, 5th122nd Clare Scouts, Ireland 'Not enough hours in the day to spend here, truly amazing, will be back, Nic Reader - 38th Moulton Scouts (Northampton) 'Thank you so much for sharing the stories, Tamari Tbilisi, Georgia 'Always a fan of a Museum, _ Newstead Rangers, Hucknall Guides & City of Notts Scouts 'Truly a Little Gem the best collection in the worldl Amazing team of dedicated volunteers, Beccy Martin - Kent Scouts Jim& 'Superb Museum of Scouting and Guiding, _ John Leeks - Hampshire Scouts Heritage 'Amazing Museum, _ Jones Family - Stavanger, Norway Significant events (in chronological orderl in this, our enty-fourth full year of operating the Little Gem include, Page 3
Be Prepared - The Story of Scouting Museum Trust Report of the Trustees for the year ended 31 December 2024 Secretary's report - continued 4-9 August 2024 Visit to Waddecar, by 400 participants per day, from the International Camp run by West Lancashire Scouts I"Red Rose 2024") where an average of 100 participants each day visited the Museum. 29 September 2024 - Friends of the Museum Open Day. 21 December 2024- Visit by the Jones Family from Stavanger, Norway 21 December 2024- Training session for Waddecar Service Crew members Throughout the year many donations, both of money and artefacts, have been received to enhance the Museum's collection. We still request that anyone with items they feel may be of use to the Collection contact us first and not just 'drop' them off. We can continue to be overwhelmed by the offer of items to be donated to the museum and going forwards we realise that we have to be selective in what we accept and the Trustees appreciate all the kind offers of items to be donated and we will endeavour to take what is practicable to tell as much as we can of The Story of Scouting and Guiding. We are now gearing up for 2025 where, in July, we'll commence our 25th Year since the Little Gem, then known only as the Story of Scouting, first opened its doors to visitors This took place just before over 1000 Scouts and Guides arrived to attend the Red Rose 2000 International Camp, which was held at Waddecar. Jack McGrath, Secretary ACHIEVEMENT AND PERFORMANCE Investment performance Following the passing of Michael Loomes some 2 years ago the trustees became aware that the charity would be receiving a substantial legacy from his estate and in the later part of 2023 over £850,000 was received from Michael's estate. The trustees sought professional advice as to how best to invest these funds to generate a return whilst at the same time protecting their value A number of trustees met with several advisers and investment managers and following this the trustees have engaged with Close Brothers Asset Management {"CBAM") to manage the portfolio of investments. After much consideration the trustees deposited some £875,000 with CBAM in late 2023 to invest in such securities as they see fit in accordance with the charity's investment policy. During 2024 these investments achieved a gain in value of £57,000 {2023.' £38,000} and also generated dividend income of £9,000 (2023.. £2.000) before investment managers fees. The Trustees are satisfied with the overall performance of the portfolio. Internal and external factors There are many internal and external factors which will affect the future performance of the charity. The Trustees are well aware of these and meet regularly to discuss them and plan for possible outcomes that might adversely affect the performance of the investments or physical access to the museum for example. Page 4
Be Prepared - The Story of Scouting Museum Trust Report of the Trustees for the year ended 31 December 2024 FINANCIAL REVIEW Principal funding sources During the year the charity generated overall income of some £28,000 (2023.. £896,000). This largely comprised of donations and legacies £7,500 (2023.. £886,700) and investment income of £18,000 (2023.. £8,300) In summary the core income streams and cost base of the charity's activities remain largely unchanged in most years, but the results for last year were dramatically influenced by the legacy and investment returns The notes to the financial statements provide a more detailed analysis of the incoming resources and expenditure. Investment policy and objectives The Trustees have the authority to invest funds in such stocks, shares, investments, propety or bank deposits in the UK as they see fit and in accordance with the Governing document and Charities legislation. The Trustees consider social, environmental and ethical criteria when managing the funds of BPTSSMT. They would not wish to hold any investments or deposits that knowingly could be to the detriment of the charity generally, although they are mindful that one of their prime duties is a financial one. The Trustees have agreed to pursue a policy of low to medium risk to protect the capital value of the investments and bank deposits held as investments. The Trustees appreciate that this will be unlikely to produce a substantial monetary return of income for the charity but do not wish to subject the capital available to the unpredictability of the markets. At the year end the charity holds investments of £1,111,749 (2023.. £1,068,221). This is split as £954,470 (2023.. £912,641) in tradeable securities and cash held by the investment managers and £157,279 {2023'. £155,580) cash held on medium term bank deposits. These investments are set-aside to generate income and long-term growth. In addition the charity holds £79,452 (2023.. £67,977) of cash readily available on current account to meet the day to day running needs of the charity. The Trustees have engaged CBAM to act as investment managers who operate within guidelines agreed with the Trustees. The performance of the portfolio and the investment managers is reviewed against the investment objectives on a regular basis. Page 5
Be Prepared - The Story of Scouting Museum Trust Report of the Trustees for the year ended 31 December 2024 FINANCIAL REVIEW Reserves policy Following the receipt of the significant legacy last year the charity has re-visited its, reserves policy and will do so again in the near future. This will be done in accordance with our future plans and spending budgets., more of which later. The charity's unrestricted funds are held in the General Fund as set out in the financial statements. Amounts in this fund are primarily tied-up in investments and bank deposits to generate income. At the year end the unrestricted funds in the balance sheet are categorised as follows., 2024 2023 Propety, fixtures and equipment used in the museum Heritage assets and items of historical influence Amounts set aside in income generating assets, being the investment portfolio and bank deposit accounts 223,061 173,438 223,793 162,236 1111,749 1,068,221 Assets "tied-up" in generating income and used in the museum Balance of reserves available to cover general running costs 1,508,248 77,532 1,454,250 68,537 Unrestricted Funds 1,585,780 1,522,787 FUTURE PLANS The Trustees are in the process of formulating both medium and long term future plans. They are mindful of the value of the legacy that has been left to the charity and are conscious of what Michael Loomes would have liked to see that the charity achieves going forwards. Without going into too much detail the trustees will look to., increase the access times of when the museum is open; better catalogue all of the heritage items the charity holds., greatly increase the content and narrative of the website., offer audio and visual presentation of the museum contents., invest in new interactive displays.. upgrade IT platforms and display cabinets l equipment at the museum. In doing this the trustees recognises that the charity will need to employ paid staffing resources which will be funded from the income generated by the investments. The trustees are also mindful that the above "can't be done overnight" and recognise some of these are more akin to medium rather than short term goals. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. BPTSSMT is registered as a charity in England number 1070181, established by Trust in 1998 which has subsequently been amended l updated in both 2010 and 2012. Page 6
Be Prepared - The Story of Scouting Museum Trust Report of the Trustees for the year ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure The Board of Trustees meet regularly over the year to monitor and action the performance of the charity and to plan ahead. The day to day running of the museum is delegated to numerous trustees and other museum volunteers as time allows throughout the year. The trustees also acknowledge the assistance provided by West Lancashire County Scout Council {"WLCSC"> in the operation of the Waddecar Scout Campsite where the museum is located. Induction and training of new trustees When recruiting, inducting and training new trustees, the charity follows the detailed procedures as set out in various Charity Commission publications so as to ensure the safeguarding of the charity's assets and reputation and to ensure best practice and also comply with the requirements of The Scout and Guide Associations. Related parties The charity's museum is located in the grounds of Waddecar Scout Campsite, which is owned and run by WLCSC, who charge the charity a nominal £1 per annum ground rent. Certain of the charity's trustees have at one time or another also been trustees of WLCSC. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1070181 Principal address Little Gem clo Waddecar Scout Campsite Snape Raike Lane, Goosnargh Preston Lancashire PR3 2EU Founder Michael Loomes MBE, 1938 - 2022 Trustees David Thornton Jack McGrath Pat Brandwood Peter Bird Mike Glover Keith Jamieson Colin Knightley Elaine McGougan Cheryl Sadler Cerys Hanson-Jones Chair Secretary Treasurer resigned October 2024 appointed October 2024 and resigned February 2025 Page 7
Be Prepared - The Story of Scouting Museum Trust Report of the Trustees for the year ended 31 December 2024 Other Museum Volunteers Barrie Bevan Phil Vvheatley Cyril Crossley Marjorie Crossley Holly Brookfield Karen Bell Carla Addison Bernard McKibbin Stephen Peters Georgina Knightley Other officials Peter Sturgess Webmaster Other details Website Email enquiries www.littlegem.org.uk info@littlegem.org.uk Investment managers Close Brothers Asset Management 80 Mosley Street Manchester M2 3FX Independent Examiner Mcmillan & Co LLP Chartered Accountants 28 Eaton Avenue Matrix Office Park Buckshaw Village Chorley Lancashire PR7 7NA Approved by order of the board of trustees on g April 2025 and signed on its behalf by.. DJ Thornton Chair of Trustees J Mcèrath Secretary Page 8
Independent Examiner's Report to the Trustees of Be Prepared - The Story of Scouting Museum Trust Independent examinerfs report to the trustees of Be Prepared - The Story of Scouting Museum Trust I report to the charity trustees on my examination of the accounts of Be Prepared The Story of Scouting Museum Trust (the Trust) for the year ended 31 December 2024. Responsibilities and basis of report As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 14515llb) 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.. accounting records were not kept in respect of the Trust as required by Section 130 of the Act,. or the accounts do not accord with those records., or 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. DA Rogerson FCCA, BFP, ACA Mcmillan & Co LLP Chartered Accountants 28 Eaton Avenue Matrix Office Park Buckshaw Village Chorley Lancashire PR7 7NA 9 April 2025 Page 9
Be Prepared - The Story of Scouting Museum Trust ststement of Financial Activities for the year ended 31 December 2024 2024 2023 Unrestricted Unrestricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income 7,468 2,707 18,041 886,619 727 8,272 Total 28,216 895,618 EXPENDITURE ON Raising funds 11,218 1,775 Charitable activities Museum general activities 18,984 20,121 Total 30,202 21,896 Net gains on investments 45,705 NET INCOME 62,993 919,427 RECONCILIATION OF FUNDS Total funds brought forward 1,522,787 603,360 TOTAL FUNDS CARRIED FORWARD 1,585,780 1,522,787 The notes form part of these financial statements Page10
Be Prepared - The Story of Scouting Museum Trust Balance Sheet 31 December 2024 2024 2023 Unrestricted Unrestricted Funds funds Notes FIXED ASSETS Tangible assets Heritage assets Investments 10 223,061 173,438 954,470 223,793 162,236 912,641 12 1,350,969 1,298,670 CURRENT ASSETS Debtors Cash at bank 13 14 2,480 223,557 236,731 236,731 226,037 CREDITORS Amounts falling due within one year 15 11,920} (1,9201 NET CURRENT ASSETS 234,811 224,117 TOTAL ASSETS LESS CURRENT LIABILITIES 1,585,780 1,522,787 NET ASSETS 1,585,780 1,522,787 FUNDS Unrestricted funds 16 1,585,780 1,522,787 TOTAL FUNDS 1 585 780 1,522,787 The financial statements were approved by the Board of Trustees and authorised for issue on 9 April 2025 and were signed on its behalf by DJ Thornton Trustee KM Jami Trustee P Brandwood Trustee The notes form part of these financial statements Page11
Be Prepared - The Story of Scouting Museum Trust Cash Flow Statement for the year ended 31 December 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 15,909) 868,609 Net cash (used in)Iprovided by operating activities 15.909 868,609 Cash flows from investTng activities Purchase of tangible fixed assets Purchase of heritage assets Purchase of fixed asset investments Sale of fixed asset investments Movement in cash funds held by broker Interesl received Dividends received <2,906) (1,091) 1337.512 347,799 4,752 9,299 <5,831) (15) (950,278) 90,677 <15,060) 6,567 1,705 Net cash provided byl(used in) investing activities 29,083 872,235} Change in cash and cash equivalents in the reporting period 13,174 (3,626) Cash and cash equivalents at the beginning of the reporting period 223,557 227,183 Cash and cash equivalents at the end of the reporting period 236,731 223,557 The notes form part of these financial statements Page 12
Be Prepared - The Story of Scouting Museum Trust Notes to the Cash Flow Statement for the year ended 31 December 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Gain on investments Interest received Dividends received Donations in kind Decreasellincrease) in debtors Increase in creditors 62,993 g19,427 3,638 (64,979} (9,2991 18,7421 12,0001 2,480 3,719 {45,705) (6,567} (1,705} (2,480) 1.920 Net cash (used in)Iprovided by operations 15,909) 868,609 ANALYSIS OF CHANGES IN NET FUNDS At 111124 Cash flow At 31112124 Net cash Cash at bank 223,557 13,174 236,731 223,557 13,174 236,731 Totsi 223,557 13,174 236,731 The notes form part of these financial statements Page 13
Be Prepared - The Story of Scouting Museum Trust Notes to the Financial Statements for the year ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 1021 (effective 1 January 2019}', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. In preparing the financial statements, there are no material uncertainties about the Charity's ability to continue as a going concern and they are presented using the Pound Sterling 1£) and the amounts in the financial statements have been rounded to the nearest £1. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or Constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings 10 % on reducing balance No depreciation is provided on the charity's long leasehold buildings as the trustees consider that the lives of these assets are so long and residual values, based on prices prevailing at the time of acquisition, are sufficiently high that any depreciation would be immaterial. Provision is made in the statement of financial activities in the event of any permanent diminution in the value of the property. Fixed asset investments Listed investments are valued at their mid-market price as at the close of trading at the year-end date. Any gain or loss on revaluation at the end of the accounting period is taken to the Statement of Financial Activities. Heritage assets The charity holds and conserves a large number of artefacts and assets of historical and artistic interest relating to both the Scouting and Guiding movements. Heritage asset that have been acquired have been capitalised at their historic cost and are then subject to periodic revaluations. Assets which have been donated are included at their market value. The trustees will seek to establ ish the market value in the first instance by reference to the market prices of similar artifacts and will consider the same when conducting periodic revaluations. Should this price to be not practicable, for instance due to the unique nature of the artefact, then the trustees will seek assistance from a suitably qualified expert. Taxation The charity is exempt from tax on its charitable activities. Page 14 continued...
Be Prepared - The Story of Scouting Museum Trust Notes to the Financial Statements - continued for the year ended 31 December 2024 ACCOUNTING POLICIES - continued Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Financial instruments Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. 8asic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors and accruals are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates othemise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest. Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference beeen sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value, Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. DONATIONS AND LEGACIES 2024 2023 Donations Gift aid Legacies 2,289 120 5,059 283 132 886,204 7,468 886,619 OTHER TRADING ACTIVITIES 2024 2023 Badge, book and other sales Friends subscriptions Sale of surplus donated and heritage items Miscellaneous income 1,572 292 214 268 208 37 2,707 727 Page15 continued...
Be Prepared - The Story of Scouting Museum Trust Notes to the Financial Statements - continued for the year ended 31 December 2024 INVESTMENT INCOME 2024 2023 Dividends received Bank interesl 8,742 9,299 1,705 6,567 8,272 RAISING FUNDS Investment management costs 2024 2023 Portfolio management 11,218 1,775 CHARITABLE ACTIVITIES COSTS 2024 2023 Premises operating costs Insurance Repairs, maintenance and cleaning IT, website and office costs Professional fees Other administration costs Depreciation 2,531 4,117 2,140 1,055 3,000 2,503 2,898 3,985 2,861 2,852 2,474 1,332 3,71g 18,984 20 121 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses During the year 2 trustees12023.' 2 trustees) were reimbursed for part of their expenses arising from attending meetings and carrying out other duties amounting to £64 {2023.. £345). Page 16 continued...
Be Prepared - The Story of Scouting Museum Trust Notes to the Financial Statements - continued for the year ended 31 December 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 886.619 Other trading activities Investment income 727 8,272 Total 895,618 EXPENDITURE ON Raising funds Charitable activities Museum gener21 activities 1,775 20,121 Total 21.896 Net gains on investments 45,705 NET INCOME 919,427 RECONCILIATION OF FUNDS Total funds brought foTward 603,360 TOTAL FUNDS CARRIED FORWARD 1,522,787 RECOGNISED REALISED AND UNREALISED GAINS OR LOSSES The realised and unrealised gains or losses included in the financial statements are as follows,, 2024 2023 Realised gains l {losses) Heritage assets Listed investments 2,041) 1.500 Unrealised gains l {losses) Heritage assets Listed investments 8,111 7,725 40,021 47,746 Total gains l (losses) 64,979 45,705 Page 17 continued...
Be Prepared - The Story of Scouting Museum Trust Notes to the Financial Statements - continued for the year ended 31 December 2024 10. TANGIBLE FIXED ASSETS Fixtures and fittings Long leasehold Totals COST At 1 January 2024 Additions 190,320 37,192 2,906 227,512 2,906 At 31 December 2024 190,320 40.098 230 418 DEPRECIATION At 1 January 2024 Charge for year 3,719 3,638 3,719 3,638 At 31 December 2024 7,357 7,357 NET BOOK VALUE At 31 December 2024 190,320 223,061 At 31 December 2023 190,320 33,473 223,793 11. HERITAGE ASSETS Total MARKETVALUE At 1 January 2024 Additions Donated iterns and grants Appreciation and revaluations 162,236 1,091 2,000 8,111 At 31 December 2024 173 438 NET BOOK VALUE At 31 December 2024 173 438 At 31 December 2023 162,236 During the year the trustees have considered the market value of the heritage assets and the revaluation surplus for the year, included in the statement of financial aGtivities, was £8,111 (2023.. £7,725). The historic cosl of heritage assets is £82.675 <2023.. £59,584) and the aggregate of the cumulative revaluations included in heritsge assets is £110,763 (2023.. £102.652), The current value of exhibits is based on what might be obtained at auction, given a sufficient period of markeling etc. and having also consideration inflation, as measured by the CPI index, on the assets held by the museum. Page 18 continued...
Be Prepared - The Story of Scouting Museum Trust Notes to the Financial Statements - continued for the year ended 31 December 2024 12. FIXED ASSET INVESTMENTS 2024 2023 Shares Cash funds held by investment managers for future dealings 944,1 S2 10,308 897.581 15,060 954.470 912,641 Listed investments and securities MARKET VALUE At 1 January 2024 Additions Disposals Aggregate realised and unrealised gains and (losses) on investments 897,581 337,512 1346,299> 55,368 At 31 December 2024 944,162 NET BOOK VALUE At 31 December 2024 At 31 December 2023 897,581 2024 2023 Cash funds held by investment managers for future dealings 15,060 Page19 continued...
Be Prepared - The Story of Scouting Museum Trust Notes to the Financial Statements - continued for the year ended 31 December 2024 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors 2,480 14. CASH AT BANK 2024 Total funds 2023 Total funds Bank current accounts Bank deposit accounts 79,452 157,279 67,977 155,580 Total 236,731 223,557 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 1,920 1,920 16. MOVEMENT IN FUNDS Net movement in funds At 31112124 At 111124 Unrestricted funds General fund 1,522,787 62,993 1,585,780 TOTAL FUNDS 1 522,787 1,$85,780 Net movement in funds, included in the above are as follow5= Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 28,216 (30,2021 64,979 62,993 TOTAL FUNDS 30,202) 62,993 Page 20 continued...
Be Prepared - The Story of Scouting Museum Trust Notes to the Financial Statements - continued for the year ended 31 December 2024 16. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net rnovement in funds At 31112123 At 111123 Unrestricted funds General fund 603,360 919,427 1,522,787 TOTAL FUNDS 603,360 919,427 1,522,787 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in fu nds Unrestricted funds General fund 895,618 (21,896) 45,705 919,427 TOTAL FUNDS 895,618 21,896) 45,705 919,427 A current year 12 months 2nd prior year 12 months combined position is as follows.. Net rnovement in funds At 31112124 At 111123 Unrestricted funds General fund 603,360 982,420 1,585,780 TOTAL FUNDS 603,360 982,420 1,585,780 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 923,834 152,098) 110,684 982.420 TOTAL FUNDS 923,834 52,098) 110.684 982,420 Page 21 continued
Be Prepared - The Story of Scouting Museum Trust Notes to the Financial Statements - continued for the year ended 31 December 2024 17. RELATED PARTY DISCLOSURES During the year the charity paid £2,476 (2023: £2,849) to WLCSC for premises costs for the running of the museuTn. The Little Gem museum is located within Waddecar Scout Campsite which is owned by WLCSC and the amounts paid were at a normal, commercial rate. Page 22