Charity Registration No. 1095077 Company Registration No. 04480767 (England and Wale81 THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 •AAIMQYL54 1PJ1212021 COMPANIES ClsE A24
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THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM LEGAL AND ADMINISTRATIVE INFORMATION Executive Board C H Ryland Esq Capt Ireldl R R Mullings Maj {retd} G E C IAlx>Jcod( Lt Col {retd) D R Dixon OBE Lt Col {reld) R H Stephenson TD Lt Col {reld) P R H Clrford TD CllrA S Hansdot Ll Col A H Ayres Col Iretdl J F Penley OBE TD S Stifvlell Esq DrT J Brain OBE Brig J D Daniel MBE C N W Malel Esq MrsAM Malsbury P T J Brooke BFP FCA E King S Fenn (Appointed 1 December 2020) (Appointed 15 July 2021) (Appointed 15 July 2021) Secretary V. Hopson Charity number 1095077 Company number 04480767 Principal addrS The Custom House Gloucester Docks GlcrtjsIer GL1 2HE Registered office The Custom House GIoUSter Oo¢ks GIOuster GL1 2HE Independent examiner Pitt Godden & Taylor LLP Unil 3 Ambrose House Meteor Court Bomett Way Barnwood Gloucesler GL4 3GG
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM CONTENTS Page Executive Boards report Independent examine¢s pOrt statement of financial activities Balance sheet 9-10 Notes to the accounts
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM EXECUTIVE BOARD'S REPORT (INCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Executive Board present their report and accounts for the year ended 31 March 2021. The Accounts have been prepad in accordance with the accounting policE5 as set out in note 1 to the A¢¢ounts Ipage 11 to 131 and comply with the Charity's governing documents, all applicable law and the requ1mentS of the Ststemenl of Rewmrnended PraCli¢e'A9ntlng and Reporting by Charitses. 120191. The year being reported here was also a totally exceptional one both nationally and inlemats"onalty. being dominated by the irnpacls of the COVIO-19 pandemic. What is set out in these Accounts should therefore be viewed in that context. Obieclives and activities In sumrnary. the obj'ect5 of the Charity as set out in the Memorandum of Association are.. to alfvan Ihe education of the general PLEtrAic regarding the history of The Gloucestershire Regiment. The Royal Glouceslershire Hussars and The Royal G5Oustershlre, Berkshire and Itshire Regiment and the immediate or any successNe tegal successor unit or subunit under any Amiy Order, or equivalent thereof {current successor units are the Rifles and the Royal Wess&x Yeomanry}. by the protethon. preseivation. maintenance. restoration and exhibilion of uniform5, medals, pictures, books, manuscripts. maps. documen15. equipment. machinery. apparalus, buildings, 51ruclures and all other items of militarp_ to provide a memorial to all those who have sefved in the regiments listed above and particularly to recognise those who have d*d or suffered physical or mental disability as a result of their service to the Crown. Specifically. the Charity carries out these objects ty.. the provision and maintenance of premises for a Museum to exhibit the regimental eollections to the general public. The Museum also indudes an archive, a café and a shop selling assoaaled books, souvenir5 and other rtems. The Charity also delNers a range of educational programmes to schools and other organisations. In addition, the Charity has a website containing digitised images of the regimentsl collections. together with other Valuab research material. The websile also facilitates sales through an online shop. providing from the ah1ve$. where resources pemit, infomatbon lo the general public in response lo Specif queries aboul individuals who have served in the regiments or their antecedents. Publi¢ Benefit Statement In planning and supervising the Charity's actiwlies for the current year and in planning its activities for future years, the Executive Board has kept in mind the Charity CcYnmis&on's guidance on public benefit. In previous years the foeus of the Charrty's aclwilies has been on the provision of the Museum, rts website and the development and delivery of educational programmes to schools. However due lo the COVID-19 pandemic and following HM Government's guidelines. the museum had to be closed to the general public for the vast Fnajority of the year. The pandemic also prevented the delivery of the vast bulk of the Charity's educational programmes. Nonetheless such on-line activilies as were possible under these exceptsonal ircumstances were carried out. Throughout the year the overriding objectNe of the Executwe Boafd has been lo put the Charity in the best position possible so that il could resume ils full range of actwities when the effects of the pandemic abated. Although occurring after the year end. il is Vrth recording here that the Museum finally reopened to the general public on 21 May 2021. In addrtion lo rts own fund-raising activilies which resums in donab.ons direct to the Charity. previous years we have been supported by the separate Friends of the Soldiers of GIOUster$h1re Museum Trust which ha5 provided Iinancial support to the Charity in carrying ils actwilies. This year. due lo the pandemic, the Fiiends
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM EXECUTIVE BOARD'S REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2021 activitS have also had to be curtailed. On the p05itNe side the CharTty has benefited significantty from HM Government's various schemes to promde financial support to businesses. particularly those in the hospitality sector and through grants from the National Hefitage Lottery Fund. from GIouSter City Council and also from olher donatsons. To achieve the Charity's objectives now and into the future, the Executive Board had previously identified fve main Strateg priorities, including a Financial Sustainability Programme. A sixth was added during the year. The progress this Year against these priorities is as set out below." 1. Caring for the Collections The Charity does not own any historic artefa¢ts but instead manages the collections of the Gloucestershire Regiment Museum Trust and the Royal GIOuSte[shlre Hussars Trust. These ¢olle¢tions have been deposited with the Charity under the terms of long-lerTn loan agreemen15. The managewnenl and care of the collectnS 15 conducted under a fomial Collections Management Policy and the Museum 15 accredited by the Arts Council. This accreditation was cenewed years ago for five years. Under the management of the Museum. new items a being added to the collections each year and the Execulwe Board are very grateful to donors, who are often Ihe families of Soldts who seNed with the regiments. th the Museum closed. a major focus this year has been on ensuring that the artefacls in the Collections have been held securely and in appropriate environrnental conditions. This has necessitated ensuring that Ihe museum building remained adequately temperature conlrolled. that the secjjrty systems remained in working order and that the building was bein9 regulafty inspecled. 2. Displaying the Collections The Museum displays were last refreshed in 2013114. In addition. the Crty of Paju in the Republic of Korea (Soulh Koreal made a grant to the Charity of approxim*ety £92.000 whth helped to make possible the establishment of a pemianent gallery In the Museum devoted lo the KOan Wdr and the Batt of the Imjin River. As a result, the Execultve Board considers the Museum displays remain fft foi the purwse they were originally deSned for. However and looking into the fulure, the Executive Board are currently undertaking a review lo see whal changes should be made lo the ways in which the Museum display the Collections. In particular this vIeW is seeking lo understand whether and how the military involvements of the various regiments, having been deployed throughout the worfd over the past 300 years, can be portrayed in ways Ihat involve a 360 degree view of history and can thereby engage all sectors of the general public. including those sectors w historicalty have not engaged with British heritage. Also the Executive Board is mindfvl that. with the cuffent stralegic pivot to the Asia I Pacrfic legion, there is a growing focus on the Anglo I South Korean relationship and yet our Korean gallery remains the only significant museum display in Ihe UK about Ihe Korean War. The Twstees believe that this is a subject that merits greater space in the future. As the Museum is currenlty constrained by available space wilttin ils galleries, any signrficanl change5 to the way the displays are configud. as outlined above. will result in a need to expand the building's capabilities. 3. Conducting Edu¢•tional Programmes It has not been possible to continue to deliver the bulk of our Educational PTogrammes to sch¢X)Is during the pandemic. However some educational outreacth work including the development and distribution ol 'Activity Packs. which can be used at home has been carried out. 4. Developing the relationship with the Republic of Korea Due lo the achievements ol the GlcHJcestershire Regimenl in the Korean Wdr, as previously noted the
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM EXECUTIVE BOARD'S REPORT ICONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2021 Museum is uniquely placed to include a far greater representation of the Korean War in its displays. archive5 and educational programmes. The overall intent here is lo fosler an ever-closer relationship wilh Ihe people of Republic of Korea and the rnodem City of Paju in particular where the Battle of the Imiin River t¢)ok place. As a symbol of this relationship. the Charity acted as the condurt for a major gift of 1.000 sets of Personal ProleclK)n Equipment IPPE} from the Mayor and Citvzens of Paju to the people of GIOuster in May 2020. On receipt al the Museum, these sets were passed on to the NHS for distribution to the staff of care homes in the area. The 70th anniversary of the battle also oecuts in 2021. The Charty has initoted and supported an Imjin 70 Committee, composed of Trustees and olhers drawn from across the county of Gloucestershire to organise a series of events lo commemorate the battle aThl the achievements of the Republi¢ of KOa as a conseq uence of the support rendered by UN Forces during the Korean r. These events will start at the end ofApril 2021 on the actual anniversary tseff and continue throughout to year. In addition lo cornrnemoratK)n. another focus of the events will be on publicity and fund raising for the Charity and other closely reled charities. 5. Achieving Finan¢ial Sustainability Hisloricalty the Ministry of Defence {MoD} provhled suppcNt to the Charity in the fom) of free seNices and the payment of rtain running costs lotalling approximalety £60,000 per annum. Following cuts to the UK Defence budget, support to the Museum. and also to other regional military museums. was withdrawn during 2017. In ils place the trustees of the Royal Glouceslershire, Bershire and IAfjltshire Regimental Trust agTeed lo provide the Charity with a grant of £60.000 pw annum for five years. In response to the longer-tem) financ¢al challenge this posed. a new delailed Five-year Business Plan was developed and came into force on 1 November 2018_ The key 0.ecte of this Plan was to achieve fincial sustainability on the basis of the Charity's operations excluding grants and donations by the end of the five- year peritxl. The Plan invofves developing existing actNity streams., visitor admissions, the shop, the café and adding new ones,. educational programmes and talks. Ivn¢ed baT and members, nights. room hire and Nvo new memberships schemes, one for individuals and one for corp)rates. Although during the 2019120 year. great strides were made towards achieving the objective5 as set out tn the Plan. the onset ol the coronavirus pandemic 8nd the closure of the Museum this year has delayed thi5 objective addirmj to future uncertainb'es. The Plan a150 made no assumptions about changes to the Custom House whth houses the Museum. In 2018119, Ihe Charity was successful in obtsining a grant from the Henla9e Lottery Fund under its Resilient Heritage Programme of £38.000. This grant including an architectural reviav of the building lo." look at the uses that the greater space becoming available wilhin the buikling will allow, including allocab'ng signrficant additional space lo the Korean War and to a separate Korean War archive create 8 large mulb"_use space for temporary exhibibons. events and for hire build a separate and much larger caté with a full-funclion kitchen. This architectural review was completed last Year resulting in the crealion of draft plans to repkce the current 'glass-house' fvonting lo the Dod(s with a signrficanlly larger slruclure. This would expand the current shop and café area and also add the mulli-use space. In addib'on, use would be made of the attic floor with the Archives and admin offices moving into thal space, Ihereby freeing Spa on the lower floors to increase the space available to the Museum. On balance the Execulive Board slill belEves that rf such changes are made .possible in future years by further grants and a fun&ratsing PraMMe. the role of the Museum WOU be greatly enhanced. However, with the onset of the pandemic. such plans were pul on hokl until the impact of the pandemic has dissipated, and rt becomes clearer what the futu for organisatsons such as ours might look like. With the inlended reopening of the Museum schedule¢J lor May 2021. the Executive Board will then look lo restart thi5 proces5. 6. Making improvements to the Corporate Structure and Goveman¢e of the Charity The Executive Board has r09lSed Ihis as a new stralegic prK)rity wrth a number of related activities.
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM EXECUTIVE BOARD'S REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2021 The cuffent Five-year Busines5 Plan calls for trading revenues to be inueased significantly. In order lo comply fully with HMRC and Charity Commission regulalK)ns. it has therefore been necessary to set up a separate subsidiary trading company, The Soldiers of Gloucestershire Museum Tradin9 Limited. This trading company is wholly owned by the Charity. Wblh an independent director and a formal agreement with the Charity regarding the allocation of costs and the distribution of profrts. The trading company was set up al the end of last Year, bul due to the pandemic il dvj not start trading until 1 September 2020. Secondly the ExecutNe Board are mindful that the Articles of Association of the Charity date back to when it was first estsblished. It is thelOre the intention to modemise them in line with current company law and pracliee. This review was not concluded until after the Year ended. but rt is relevant lo record here that an amended set of Articles were voted upon and approved by members at an Extraordinary General Meeting held on 9 September 2021. Finalty and although not a new priority. the Executive Board has now formally recognised the need to have a membership that has an appropriate range of skills and where possible is also relab'vely diverse in lemis of gender, elhniaty and age. All these factors will now be tsken into account when recruiting new tru51ee5. Principal Risks and Uncertainlies The Exeeutive Board has identified the major risks to whth the Charity is exposed. These ean be summarised as follows.. 1. The coronaviru5 pandemic arKI the consequent lockdown ha5 introduced unfoSeen difficltieS in achieving the Five-year Business Plan going forwaid. As has already been stated. in response to the pandemic the Museum was Closed lo the geneial publTrc for the va51 bulk of the Yeai_ In the short temi the various grants received and other cost savings measures implemented by the Executive Board. induding Some staff reslrucluring. have ensured that the Charity has ntinUed to strengthen its financial reserves. However il remains lo be seen how quickty vi511or numbers will return once the Museum reopens and Governmenl assistance fa115 away. The medium-term outlook must therefo be seen as Ing uncertain. 2. The building in which the Museum is located Ilhe Custom House) was purchased by the Charity from the MOD last Yeaf. Thus the original risk of lease lerminalion has been removed lo be replaced by risks arising from the owneT5hip of a 180 year old Grade 11 listed building. To mitigate this risk and prior to the acquisition, the Charily commissioned a Condition Survey of the building from a local Chartered Surveyor to understand whal plannable expenditu woukl be necessary in the future. As a result a sum from the reserves has also been eamarked as a buil¢Jing Maintenan fund. This issue of building maintenance was pul into further spotlight by the highly localised torrential rainstom) whh cKcurred in August 2020 and the resulting water ingress. This caused the rool of one of the galleries to fall in. In the event the costs of repair were mel by the Charity's insurers. The Charity therefore needs to be mindful of maintaining a suitable reserve in case of other unexpected contsn9encies. 3. The Five-year Business Plan being folEowed aims to allow the Charity lo achieve Financial suslain3bility by the end of the period il Covers. Were this not to be achieved Ihe Charity would continue to be dependenl on grants and donations to continue to operate. Donatlons and $ep4lcg$ In klnd The Executive Board recognises that donations and SeThi$ in kirHI, inclLKling professional Sery15, have made a vital conlribulor lo Ihe overall financial wellbeing of the Charity during the Year. With the onset of pandemic and the Museum close(l. the team of volunteers that had supported the Charity in prevbOUS years departed. Vve would like lo record our thanks here to all these individuals for their se1. It is also Important lo record that a new team of volunteers has now been recruited ahead of the Museum reopening
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM EXECUTIVE BOARD'S REPORT ICONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2021 Achievements and porforniance A summary of the Charity's main a¢lNibes and a¢hievements during the year folk)ws: In view of the exceptional nature of the Year. the Executive Board has conduded that providing key performance comparisons with the previous Year would be misleading. The is one exceplK)n to this which is the movement in reserves. The main sources of income lo enable the Charity to meel its objecb.ves in the year were: Voluntary income Museum admission fees. shop sales and room hire 157,019 46.348 203.367 Main areas of expendi(ure made by the Charity in the year were". Costs incurred in maintaining and running the museum (including o)st of shop sales) Expenditure, including museum redevelopment expenditure charged against income 169,898 53,336 223.234 Financial review The Executive Board is wmmitted to establishing revenue reserves sufficient lo cover twelve months ol operating costs. As at 31 March 2021. readily realisable reserves stood al £110,983 12020 £54.8221 or approxirnalely 9 months operating costs. The Executive Board would draw lo your attention the following notes to the finanual slalemenls.. nole 11, Tangible fixed assets and the review of depreciabon and amortisab.on of fixed. Stru¢turg. govgrnane• and management The Charity. The Soldiers of GIouStershlre MuseLJm Ltd. (Charity number 1095077. Company number 44807671. is a company limited by guarantee. 11 is govemed by its Memorandum and Articles of Association. The Executive Board members are both trustees of the Charity and also directors of the company for the purpose of company law. Those who served during the year and up to the dale ol signature of the financial slalemenls were as follow5.. C H Ryland Esq Capl Ireldl R R Mullings Maj Iretdl G E C Woodcock Ll Col Iretd) D R Dixon OBE Ll Col Ireldl R H Stephenson TD Ll Col Iretdl P R H Clifford TD Cllr A S Hansdot C J Ouckworth DL Or R E Deeks DL Lt ColA H Ayres Col Ireldl J F Penley OBE TD S Stilwell Esq DrT J Brain OBE Brig J D Daniel MBE C N W Malet Esq MrsA M Malsbury IResKJned 26 March 2021) (Resigned 8 March 20211
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM EXECUTIVE BOARD'S REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2021 PT J Brooke BFP FCA E lQng S Fenn {Appointed 1 De¢ember 2020) (Appointed 15 Juty 20211 (Appointed 15 July 2021) The Executive Board of Irijstees of the Chanty comprises". one ex offi¢io member. four nominated members and tsvelve ordinary members. For the tsme being the ex officio member is The Rifles County Colonel for Gloucestershire. The nominated mèmbèrs are appointed by the tnjstees of The Royal Gloucestershire Hussars Trust, for a period of 4 years or, rf the appointment is being made to fill a casual vacancy. the unexpired term olthe appointee's predecessor. Ordinary members are appointed by the Executsve Board for a period of 4 years. Finally. the Executive Board would draw your aitention to note 20 to the financial stslements. gimng details of transactions wth related parties_ Thi5 report has been prepared in aCCordare the speryal provisions relating to small companie5 Wlthin Part 15 of the CornpanTe5 Act 2006. C H RylarKI Esq Board Member *ece to Ll
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM INDEPENDENT EXAMINER'S REPORT TO THE EXECUTIVE BOARD OF THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM I report on the firwcial statements of the company for the year ended 31 March 2021. lCh are set out on pages81021. R¢spodiv• rn5ponsibilities of ExKutive Board and examiner The Executive Board vh)0 are also the directors of The Soldier5 Of Gbucestershire Museum for the puryjoses of company law, are responsible for the preparatn of the accounts. The Execub"ve Board consider that an audit is not required for this year under sectty)n 144(2) of Ihe Charities Act 2011. the 2011 Act, and that an independent examinab.on is needed. Having satisfied myself that the charity is not subj.ect to audit under company law and is eligible for independent examination. it is my responsi1lty to.. examine the accounts under section 145 of the 2011 Act.. {iil to tollow the procedure5 laid down in the General 'rectIonS gwen by the Chanty Commisoners under section 14515llbl of the 2011 Act., and liiil to state vthether particular matters have come to my attention. Basis of independent examinerfs report My examination wa5 carned out in ac¢ordan¢e the general Oirecbons given by Ihe Charity Commission. An exarninalion indudes a review of the accounts.ng records kept by the charty and a comparison of the financial statements presented wth those records. It also indudes considerab'on ol any unusual items or disclosures in the finanual statements. and seeking explanatJ"on5 from you a5 tru51ees conceming any such matters. The procedures undertaken do nol provide all the evidence that would be required in an audit and ¢onsequently no opinion 15 given as to whether the financral ststements Psent a and fair vievl and the report 15 b"mited to those matters set out in the next statement. Ind¥p¢nd¢nt exarninerfs ststement In connection with my examination, no malter has come to ry attention.. la} which gives me reasonable cause to believe thal in any material respect the requiremenls.. Ill to keep accounting records in accordance with section 386 of the Companies Acl 2006,. and lil) to prepare financial statements vhich acc4)rd wth the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and wth the methorls and principles of the Stslement of ReC0mNnded Practice". Ac¢ounling and Reportin9 by Charits"es', have not betn mÈt_ Ibl No other matter has come to my attention in connection my examination to which, in my opinion, attention should be drawn in order to enable a Pfoper understanding ol the financial ststements lo be reached. Nicholas J. B p F.C.C.A.A. Pitl Godden & Taylor LLP Chartered A¢countants Unil 3 Ambrose House Meteor Court Barnett Way Bamwoc*l Gloucester GL4 3GG Dated.. 15~12-Z)
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Unrestricted Restrictèd funds funds 2021 2021 Total Total 2021 2020 Notes Voluntary income Incoming fesources from charitable actsvrtÈs.' Trading activities in fulherance of the charity's objects Serviee charge reeeNed 151,954 1.771 5.065 157,019 1,771 116,093 27,496 36.342 8.235 36,342 8,235 65.101 Total income 198,302 5,(%5 203.367 208,6 Trading activities 24.682 24,682 30.618 Charitable aclivilies 1 52.161 46.391 198,552 2S1.183 Tolal resour¢es oxpended 176.843 46,391 223,234 281.801 Nel gainslllosses} on inve51rnenls 10 8.319 8,319 13.683) Net incomingl{outgoing) rosourcès lOre transfèrs 29.778 (41.3261 111,548 (76,7941 Gross t¥ansfeis beeen fur$ (1,5001 1.500 Net incominglloutgoingl rosourc 28.278 139,826) {11,5481 (76,7941 other recognised gains and Iossgs Revaluats"on of tangible fixed assets 264,349 Net movement In funds 28.278 139.8261 111,548) 187.555 Fund balances at 1 April 2020 555.389 88,396 643,785 456,230 Fund balan¢es at 31 March 2021 583,667 48.570 632.237 643,785 The statement of ffinancial activib.es indudes all gains and losses recognised in the year. All inc¢me and expenditure derive from continuing aclmties. The slalemenl of financial activities also complies with the uIrementS for an income and expenditure account under the Cornpanies Act 20C6.
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM BALANCE SHEET ASAT31 MARCH2021 2021 2020 Fixed assets Tangible assets Investments 11 12 671.332 55.341 727,379 47,022 726.673 774.401 Curr•nt assots Stocks Debtors Cash at bank and in hand 13 14 12.286 1.231 125.253 16,430 2,267 19,601 138.770 38,298 Creditors- arnounts falling du• within one year 16 (70.742) (13.9681 Nel current assets 68,028 24,330 Total assets l•ss current liabilities 794.701 798,731 Creditors.. amounts falling due after mor* than one ygar 17 1162.464) {154,946} Net assets 632.237 643.785 Income funds Restricted funds Unrestricted funds General unreslricled funds Revaluation reserve 48,570 88.396 319.318 264,349 291.040 264,349 583.667 555,389 (General unreslricled funds include an unrealised inveslment revaluation reserve (£31,24212020 £22.9231) 632.237 643,785
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM BALANCE SHEET ICONTINUED) ASAT31 MARCH 2021 The ¢ompany 1$ enlrfled lo the exerwn frwn the audit requ*ement contained in sedion 477 of the Companie$ Act 2006, for the year ended 31 March 2021. The ExecLrtive Board acknovledge their responsiblities f(K ensuring thal the Charrty keeps account9 record5 which comply wth section 386 of the Ad and for pparing ffinanaal statements vthich give a true and fair view of the slate of affairs of the company as al the end of the financk71 year and of its incoming resource5 and application of resources, indudirtg its in¢ome and expenditure, for the financial year in accordance with the quirements of sections 394 and 395 and othewse ¢ompty vAth the requirements tsf the Companies A¢1 2006 relating lo financial ststements. so far as applicable to Ihe company. The members have not reouwed the company to d)tain an audil of its finanaal statements for the year in question in accordance wth section 476. These finanoal slatemttnts havtr been prepared in aCrarIce with the prowsions applicable to ¢ompanies subjecl lo the small companies regime. The financial statements were approved by Ihe ExecLrfive 8oard on ............ . C H Ryland Esq Trustee Company Registration No. 04480767 10-
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting policies Company information The Soldiers Of Gloucestershi Museum is a private ¢haritable MpanY limrted by guarantee incofporated in England and Wales. The registered office 1$ The Custom House. Gkjucester Docks, Glou¢ester, GL12HE. 1.1 Accounting convention The financial slalemenls have been prepared Trn accord¥re applicable Accountsng Stsndafds. in particular the requirements of FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Irelandl, the Statement of Recommended Practice 'AccoUnn9 and Reporting by Charities, {20191, Ihe Companies Act 20C6 and the Charities Ad 2011. The ffinancia statemerts are prepared in sterthng, vthich is the ftjnctional cenCY of the company. Monetary amounts in these financi* ststements are rounded to the nearest £. The financial slatement5 have been prepared under the historical cost conventKffl. as modified lo include the revaluation of investments. 1.2 Going concern Al the time of approving the fifianaal statements. the Executive Board have a reasonable expectation that the company has adequate resources to continue in operats.onal existence for the foreseeable fvrture. Thus the Executive Board conlinue to adopt the 90irtg COnM basis of a¢¢ounting in preparin9 the fmnaal statements. 1.3 ¢haritsble funds Unreslricled funds are available for use al the dis¢retion of the Executive Board in fvrtherance ol their charitable objective5. Restricted funds are Su.¢1 lo sperJfic condth.ons by don¢ys as to how they may be used. The purposes and uses of the restricted funds are set oul in the notes to the financial stalements. 1.4 Incoming resources Donations. legacies, grfts and grants. museum admission fees. shop and coffee shop sales are accounted for in Ihe period en the conditions for entillement, certainty and measurement are met nvestment income is accounted for vknen received. Income 15 measured al the fair value of the ¢onyderab"on re¢erved or receivable, net of discounts, VAT an other sales related laxe5. 1.5 Resources experhded Liabilities recognised a5 resour¢es expended are induded in the period vknen there is a legal or constructive obligation, commitbng the company to the expendilure. Their allocatson is as follows.. Cost5 01 running the Shop and coffee shop are induded under tradtng acliwties. Costs of Tunning the museum 8nd archives and the costs of the museum redevelopment Idepreuabon} a included under charitable activitie$. Costs of examining the accounts are incfuded under charitable activities. 11
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Ac¢ountsng policies {Contlnu8d) 1.6 Tangible fixed as$gts Tangible fixed assets are ini*"ally measured at cost arKI subsequently measured al cost, net of depreciation and any impairment losses. Deprecialion is recognised so as to write off Ihe cost of assets less their sIdUal values over their useful lives on the following bases.. Property Website Fixtures and fittings Over 40 years slraTght line over 3 years straight line Varying rates between 6 and 30 years The gain or loss arising on the disposal of an assel is detemiined as Ihe differen beeen the sale prOedS and the carrying value of Ihe asseL and is recognised in nel inuymel{expenditurel for the year. 1.7 FIX asset investments Fixed asset investrnenls are initially measured al transaction price excluding transactTron costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpendilurel for the year. Transa¢tion costs are expensed as in¢urred. The investment in the subsidiary 15 measured al c05t. 1.8 Impairment of fixed assets At eaeh Teporting end date. the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assels have suflered an impairment loss. If any such indication exists, the reeoverable amount of the asset is estimated in ordeT to delemiine the exient of the Impairment loss lif any). Recoverable amount is the higher ol fair value less costs to sell and value in use. In assessing value in use, the eslimaled fulufe cash flows are discounted to their present value using a pre-tsx discount rale that reflects current market assessments of the lime value of money and the risks specific to the asset for which the estimates of futuie cash flows have nol been adjusted. If Ihe recoverable amount of an asset Is eslimaled lo be less than its carrying amount. the carrying amount of the asset is reduced to 115 recoverable amount. An impairrnent loss is recognised immediately in incomel expenditure for the year. unless the relevant assel is rrIed at a revalued amount, In which case the impaimient loss is Iated as a revaluatKsn decfease. Recognised impairment losse5 are reversed if. and onty if. Ihe reasons for the impairment loss have ceased lo apply. Where an impairment loss subsequently reverses. the carrying amount of the asset 1$ increased lo the ievised estimate of ils recoverable amount. bul so that the increased carrying amou nt does not exed the carrying amount that would have been determined had no impairment loss been recognised for Ihe asset in prior years. A reversal of an impairment loss is recognised immediately. unless Ihe relevant asset is carried in al a revalued anount. in which case the reversal ol the impaimenl loss is Irealed as a revaluation increase. 1.9 Stocks Stocks are stated at the lower of $t and esbmated selling price. 1.10 Cash and cash equlvalenl$ Cash and cash equivalents indude cash in hand. deposits hekf at call with bank5, Other short-tem) liquid investments with original maluritses of three months or less. and bank overdrafts. 12-
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Accounting policies (Continued) 1.11 Financial instruments The company has elected to apply the prowsions of Section 11 'Basic Finanual Instruments. and Section 12 '01her Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's bala sheel when the COMpY becomes paty to the contractual provisions of the instrumenl. Financial assets and liabilities a offset. with the net amounts presented in the financ1 slatanenls, when there is a legalty enforceable right to set off the Ognised amounls and there is an intention to settle on a net basis or lo realise the asset and selue the liability simubtaneously. Basic r Inancial assets Basic finanoal assets, which indude debtors and cash and bank balances, are init181ty measured al tran5a¢lion price including Iransathon costs and are subsequently carned at tran5acts.on pri kss impairment. unless the arrangement constitutes a financsng transaction. where the transxtion is measured al the present value of the future re¢eipls discounled a market rate of interesL Basic financial liabilities Basic financial liabilities. including creditor5 and bank loans are initially reccgnised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured al the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effectsve interest rale method. Trade credrtors are oblatiOnS to pay for goods or selwices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are clas&fied a5 current liabilities if payment is due within one year or le55. If not, they are presented as non<urrent liabilities. Trade creditors are recognised initsally al transaction price and subsequently measured al transactn pri price less impairment, where due in one year or less, oiherwise at amortised c05t usirvJ the effeclNe Inte$t method. Deracognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. 1.12 Employee benefits The cost of any unused holiday enlitlement is recognised in the perw)d in which the employee's seNices are reived. Termination benefits are recognised immediatefy as an expense when the company is demon51rably committed to terminate the employment of an employee or to provKle termination benefits. 1.13 Lfrases Rentals payable under operating leases. including any lease incentives received, are charged as an expense on a straight line basis over the teim of ihe relevant lease. 13-
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Voluntary Income Unrestricted Restii¢ted Income Income funds fvnd$ Total Total 2021 2020 Donations and grfls Grants receniable 69,253 82,701 69,253 87.766 99,013 17,080 5,C65 151.954 s,5 157.019 116,093 For the year ended 31 Mar¢h 2020 99.013 17,080 116.093 Grants rocaivablo Heiilage Lottery Fund Fundraising granl The Polish Association NLHF Emergency Fund Corona Virus Job Relenb"on Scheme Busines5 Grant Gloucelser City Council Rales Refund HLF Grant 3,820 300 3,820 300 945 24,400 17,487 25,000 15.814 1,800 24,400 17.487 25,000 15.814 15,280 82,701 5.C65 87.766 17,080 Incoming r•sourc•s from charitablè activities: Museum Museum admission admission fees 2020 2021 Museum admission fees 1,771 27.496 Trading activitie$ in lulherance of the charity's objocts Unrestricted Unrestricted funds funds 2021 2020 Shop, eafe and rcom hire income 36.342 65,101 14-
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Service chargo received UDrestrlcted funds Total 2021 2020 Service charge received 8.235 Tradlng acllylfjes Unrestricted lund$ Tolal 2021 2020 Shop and cafe purchases 24.682 30,618 15-
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Charitable actlvitles 2021 2020 Staff costs Deprecialion and impairment IT running costs Insurance Repairs and renewals Advertising and postage Subscriptions Travel and volunteer expenses Heal and light Sundry expenditure Displays HLF Feeslconsulianls Independent examiners fees lexaminalion onty) Till and Gard machine operating lease Loan interest Professional fees 81.371 57.675 4,732 3,748 7.411 4,648 2.869 151) 7.91 S 9.830 80,834 57,431 12,270 5.476 36.335 4.722 3.690 8.638 5.929 8,250 1,275 23,519 700 149 4,946 (2,981) 6,792 670 7,518 3.424 198,552 251.183 Analysis by fund Unrestricted funds Restricted fvnds 152.161 46.391 189,870 61,313 198.552 251,183 The independent examiner received £750 (2020 £725) in respect of non examinalion services. Executiv• Board No Executive Board rnemr received any remuneration or reimbursed expenses. during the year. 16-
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Employges Numb8r of employoes The average monthly number of employees during the year was.. 2021 Number 2020 Number Direclor Shop staff Employment costs 2021 2020 Wages and salaries Other pension costs 80.924 447 80.376 458 81.371 80,834 There were no employees whose annual remuneration was £60,01)O oi more. 10 Net gainsl(losses) on investments 2021 2020 Revaluation of investrnenls 8.319 {3,683) 17_
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 11 Tangible fixed assets Property Fixtures and ngs Tolal Cost Al 1 April 2020 Addrtions 787.753 604.886 1.628 1,392,639 1,628 Al 31 March 2021 787.753 606.514 1,394,267 Depreciafjon and impairmenl Al 1 April 2020 Depreualion charged in the year 164,946 9.888 500.314 47.787 665,260 57,675 Al 31 March 2021 174,834 548,101 722,935 Carrylng amount At 31 March 2021 612.919 58,413 671,332 At 31 March 2020 622.807 104.572 727,379 The property in which the museum is based was owned by the Ministry of Defence IMOD) and was party leased lo the museum. This propety was purchased during the prK)r year by the museum thus removing the threat that the MOD could terminate the lease. This PUTchase was funded by a short-term thn from Ryland Ltd with C H Ryland as the settlor of the trusts from which the hjan is ulkn"mately derived. In the light of these changes the ExetIVe Board continue to rewew the depreaation and amortisaion of fixed assets. in partieular, their useful enoMiC lives. Wrth the atx)ve in mind certain assets such as display cases which are exFeeted to last up to 20 and 30 yeats are now being depreciated equally over their updated expected remaining lives. There is a prohl share agreement with the MOD whereby if Customs House is let or disposed of for an amount more than £392.250 las adjusted for infftab"on) the ex$$ would be splrt as to 40% to the the MOD and 60% to the museum. 18-
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 12 Fixed asset investments Listed Other investments investrnents Total Cost or valuation At 1 April 2020 Valuation changes 46.922 8.319 100 47,022 8,319 At 31 March 2021 55,241 100 55,341 CaTrying amount At 31 Mareh 2021 55.241 100 55,341 At 31 March 2020 46.922 100 47,022 2021 2020 Other investments comprise". Notes Investments in subsidrIeS 22 100 1C43 13 Stock8 2021 2020 Finished goods and goods for resale 12.286 16.430 14 Debtors 2021 2020 Amounts falling du• withln one year. Other debtors 1,231 2,267 15 Loan$ and overdraft8 2021 2020 Other loans 162.464 154,946 Payable after one year 162.464 154,946 19-
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2021 15 Loans and ov•rdrafts (Continued In the previous year £150.000 was kjaned from Ryland Llrnrt. The pri1PaI amount of the ban will carry interest al the Tale of 3.25% above Ihe official base rale. This equates lo interest of £5.02512020.. £4,946) in the period. The agreement a150 slates that the museum wll be responsible for paying any taxes that arise on the loan, £2,493 has been provhded for in respect of this. 16 Creditors: amounts falling due wlthln one year 2021 2020 Trade creditors Other creditors cruals and defeed income 5,375 2,684 62.683 8,211 2,684 3,073 70,742 13.968 17 Creditors: arnounts falling due after morn than one year 2021 2020 Borrowings 162,464 154,946 Although the tems of the loan of £150,000 for the purchase of the Custom House are that il is repayable in less than one year. the Charity has received a Letter of Comfort from the Lender. which has led the Executive Board to judge that this can be regarded as of longer temi. 18 Restrl¢ted funds The income funds of the Charity include stA.¢1ed funds comprising the following unexpended balanS of donations and grants hekl on trust for speufic purposes. Unexpended in this regard means held either as a revenue balanee or as the un4epreciated portion of a fixed asset and thefOre not yet charged against income. Movement in lunds Incoming Resources 1 April 2020 resources expended Tra[+r$ Balance at 31 March 2021 Museum redevelopnenl Modern Army Display FurKI Raising grant Korean Museum donation Ffiends re security and display case Heritage Lottery Fund 1 Polish Display The Polish Association 81.019 958 1,800 1,594 3.025 141.382) 39,637 958 1,1156 1,594 3,025 300 (244) 3.820 {3,820) 1,500 1,500 945 {9451 88.3SS 5,065 (46.3911 1.500 48,570 -20-
THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2021 19 A Thatysls of not ass8ts betw¢on fvnds Unrestrict•d R•stri¢t•d in¢omo funds funds 2021 Total Total 2021 2021 2020 Fund balances al 31 March 2021 are represented by.. Tangible assets Investments Mixed motive invesknenls Current asSetlIabllIt) Long tem liabilities 25,319 55,341 12.S57) 68.028 {182,464) 46.013 671,332 55.341 727,379 47.022 2.557 68.028 24,330 {162.4641 {154.946) 583,667 48,570 632.237 643,785 Related party transa¢tions During the prior year Ryland Limiled. a company ultimatety owned equalty by C R (No 1) Grandchildren's Settlement and C R (No 21 Grandchildren's Selllemenls of which Executive Board member C H Ryland is the settlor. loaned the charity £150,000. Thi5 attracted interest of £5.02512020 £4,946) and tsx of £2.493 during the year leading to an amount remaining outstanding at the year end of £162.464. 21 Control The Iruslees cons*Jer Ihat no individual controls the charity. 22 Subsidiaries These financial statements are separate financial stalements and therefore present infomiation about the charity as an individual undertaking and not as a group. On 26 February 2020, a UK incotporaled limiled company, The Soldiers of Gloucestershire Museum Trading Limited, was incorporated with ccffipany regislralh)n number 12486073 and registered address The Customs House, Gloucester Docks. Gloucester. GL1 2HE. The company was incorporated with £100 aulhorised and issued ordinary share ¢aprtal and is wholly owned by The Soldiers of Gloucestershire Museum. The company was fomied with the intenbon that il undertake certain of the trading actsvilies onducted by the museum and was dormant until 1 September 2020. 23 Contingent asset Infectious disease claim for business interruption After the end of the accounting period. the Charjty's insurers. having inilially leCted any claim for business interruption due to Ihe Covid pandemic. entered into diwssions around a claim. capped al £24,750 net of excess, associated with the consequences of Covid. Discussions are ongoing. Ceiling clalm for business interruptlon An insurance claim for business interruption arising as 8 consequence of the flood damage was submilled in respect of the period. Discuson5 are ongoing but proceeds are not expected to excEed £4.000 and before adjustment for cost savings 21