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← The Soldiers Of Gloucestershire Museum

2025-03-31-accounts

Company registration number 04480767 (England and Wales) Charity registration number 1095077 (England and Wales)

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

LEGAL AND ADMINISTRATIVE INFORMATION

Executive Board R R Mullings
G E C Woodcock
P R H Clifford TD
A S Hansdot
A H Ayres
J F Penley OBE TD
Dr T J Brain OBE
J D Daniel MBE
P T J Brooke BFP FCA
D R Dixon OBE
P. Crook
G L Evans
Secretary M. Holden
Charity number 1095077
Company number 04480767
Principal address The Custom House
Gloucester Docks
Gloucester
GL1 2HE
Registered office The Custom House
Gloucester Docks
Gloucester
GL1 2HE
Independent examiner Pitt Godden & Taylor LLP
Unit 3 Ambrose House
Meteor Court
Barnett Way
Barnwood
Gloucester
GL4 3GG

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

CONTENTS

Page
Executive Board's report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7 - 8
Notes to the accounts 9 - 18

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

EXECUTIVE BOARD'S REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The Executive Board present their report and accounts for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements (pages 9 to 11) and comply with the Charity's governing document, the Companies Act 2006 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

In summary form, the objects of the Charity as set out in the Memorandum of Association are:

Specifically, the Charity carries out these objects by:

Public Benefit Statement

In planning and supervising the Charity's activities and its future, the Executive Board has kept in mind the

Charity Commission's guidance on public benefit.

In addition to our own fund-raising activities, which results in donations direct to the Charity, we have been supported generously by the separate Friends of the Soldiers of Gloucestershire Museum Trust which has provided financial support to the Charity in carrying out its activities, particularly in relation to the physical upkeep of the building and towards special projects. In the same way, we have been supported by the Gloucestershire Regiment Museum Trust (GRMT) with their focus on the collection, as with likewise the Royal Gloucestershire Hussars Trust; see below.

To achieve the Charity's objectives now and into the future, the Executive Board has recognised the importance of constant review and refreshment of the museum’s offering to the public, in particular to those who visit the museum, those who engage with us online and in other ways, and, of equal importance, to the local community.

This is covered in the sections set out below:

1. Caring for the Collections

The Charity does not own any historic artefacts but instead manages the collections on behalf of the Gloucestershire Regiment Museum Trust and the Royal Gloucestershire Hussars Trust. These collections have

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

EXECUTIVE BOARD'S REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

been deposited with the Charity under the terms of long-term loan agreements.

The management and care of the collections is conducted under a formal Collections Management Policy, and the Museum is accredited by the Arts Council. We await news from The Arts Council about our next accreditation review, which we anticipate being held some time in 2026.

Under the managerial oversight of the Museum, new items are being added to the collections each year and the Executive Board are very grateful to donors, who are often the families of soldiers and officers who served with the regiments.

2. Displaying the Collections

The Museum displays were last refreshed in 2013/14 as a result of a significant grant from the Heritage Lottery Fund.

Looking into the future, the Executive Board have developed a framework for a renewed vision and value proposition which is entitled Vision 30, and with this, potentially, a refreshment and augmentation of the collection.

To be developed in 2026, Vision 30 will include a radical review and strategic repositioning of the Soldiers of Gloucestershire Museum (SOGM) to ensure its long-term relevance, financial sustainability, and national significance.

At its heart, Vision 30 will seek to safeguard the rich histories of our two distinguished regiments—The Gloucestershire Regiment and The Royal Gloucestershire Hussars—for at least the next thirty years. Aiming to be far more than an aesthetic makeover, the trustees believe that success will be achieved by embedding our regimental stories within a visitor experience that resonates more broadly with our publics, connecting them to a wider, more diverse national story.

The strategy in development will seek to attract a wider constituency of followship, learning, entertainment and interest, and with that, crucially, new stakeholders to bulwark corporate support and underpin our long-term relevance and survival. These can include potentially the other arms and services, and, potentially, other defence agencies and representatives from the defence manufacturing industries, but limited to the specific geography of historic Gloucestershire, which included Bristol and what is now South Gloucestershire.

This broadening of the museum’s story-telling and wider historical narrative opportunities will, we believe, provide for a richer visitor and learning experience.

The Executive Board is also mindful that, with the current strategic pivot to the Asia / Pacific region, there is also a growing focus on the Anglo / South Korean relationship and yet our Korean gallery remains the only significant museum display in the UK that addresses the events of the Korean War. This can be improved and expanded within the aims and objectives of Vision 30.

Progress with the development of Vision 30 will be reported upon by the Executive Board at the end of 2026, in the meantime considerable care and attention will continue to be vested in the preservation and promotion of the existing collection, and its annual augmentation with new artefacts as we become aware of them and they take their place in the museum.

3. Achieving Financial Sustainability

Whilst Vision 30 seeks to address the strategic, long-term sustainability needs of the museum, the trustees have devoted considerable time and resources towards improving the financial and commercial performance of SOGM. These reviews and improvements have sought to recover more of our operating costs and, where possible, enhance other areas of operations, including our online offerings, from shop trading to archive enquiries. The executive board are pleased to report marked improvements in our financial performance, including more grant applications, to support the upkeep or improvements to the building and, overall, the visitor experience.

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

EXECUTIVE BOARD'S REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

In this period, the charity has moved from cash accounting to an accruals model, which has enabled better budgeting and long-term planning. Key to measuring our progress has been the introduction of more robust management accounting protocols and reporting.

4. Corporate Structure and Governance of the Charity

The wholly owned trading subsidiary The Soldiers of Gloucestershire Museum Trading Limited which started trading on 1 September 2020 continues to run the trading activities of the Museum, making a financial contribution to the charity through its commercial activities.

The Executive Board fully recognises the need to have a membership that has an appropriate range of skills and, where possible, is also relatively diverse in terms of gender, ethnicity and age. The museum has recently undertaken a significant Board Review process as we continue to examine these factors under Vision 30.

Part of this has been the decision to move the charity and its trading company out of corporate status and into that of a Charitable Incorporated Organisation (CIO), the conclusion to this conversion due in Q1 of 2026.

Voluntary income
Museum admission fees, archive enquiries, Imjin dinner and membership.
Other
Main areas of expenditure made by the Charity in the year were:
Shop, cafe and education
Staff Costs
Depreciation
Other		 66,042
28,830
34,501
129,373
932
63,170
27,799
52,124
144,025

Financial review

The Executive Board is committed to establishing revenue reserves sufficient to cover twelve months of operating costs. As at 31 March 2025, readily realisable reserves stood at £109,474 (2024 £112,243) or approximately 12 months operating costs.

Structure, governance and management

The Charity, The Soldiers of Gloucestershire Museum Ltd. (Charity number 1095077, Company number 4480767), is a company limited by guarantee. It is governed 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 date of signature of the financial statements were as follows:

R R Mullings G E C Woodcock P R H Clifford TD A S Hansdot A H Ayres J F Penley OBE TD Dr T J Brain OBE J D Daniel MBE P T J Brooke BFP FCA E King (Resigned 30 June 2025)

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

EXECUTIVE BOARD'S REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

D R Dixon OBE

P. Crook D. Phillips (Resigned 31 July 2025) G L Evans C.H. Ryland (Resigned 26 August 2024) S Fenn (Resigned 14 September 2024)

The Executive Board of trustees of the Charity comprises: one ex officio member, four nominated members and twelve ordinary members. For the time being the ex officio member is The Rifles County Colonel for Gloucestershire. The nominated members are appointed by the trustees of The Royal Gloucestershire Hussars Trust, for a period of 4 years or, if the appointment is being made to fill a casual vacancy, the unexpired term of the appointee's predecessor. Ordinary members are appointed by the Executive Board for a period of 4 years.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

G E C Woodcock

Chairman Dated: 17 December 2025

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

INDEPENDENT EXAMINER'S REPORT

TO THE EXECUTIVE BOARD OF THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

I report to the Executive Board on my examination of the financial statements of The Soldiers Of Gloucestershire Museum (the company) for the year ended 31 March 2025.

Responsibilities and basis of report

As the Executive Board of the company (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the company’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

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

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 financial statements to be reached.

Nicholas Bishop FCCA ACA

Unit 3 Ambrose House Meteor Court Barnett Way Barnwood Gloucester GL4 3GG 17 December 2025

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Voluntary income
2
27,542
38,500
Incoming resources from charitable activities:
3
28,830
-
Other income
4
34,501
-
Total income
90,873
38,500
Expenditure on:
Trading activities
5
932
-
Charitable activities
6
129,982
13,111
Total resources expended
130,914
13,111
Net gains/(losses) on investments
10
3,655
-
Net movement in funds
(36,386)
25,389
Fund balances at 1 April 2024
678,228
56,459
Fund balances at 31 March 2025
641,842
81,848		 Total
2025
£
66,042
28,830
34,501
129,373
932
143,093
144,025
3,655
(10,997)
734,687
723,690		 Total
2024
£
221,648
28,499
30,279
280,426
2,359
140,166
142,525
3,485
141,386
593,301
734,687

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

BALANCE SHEET

AS AT 31 MARCH 2025

2025
Notes
£
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
59,026
Cash at bank and in hand
23,300
82,326
Creditors: amounts falling due within
one year
15
(38,616)
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
17
Unrestricted funds
General unrestricted funds
377,493
Revaluation reserve
264,349
(General unrestricted funds include an unrealised investment
revaluation reserve (£41,665 (2024 £38,010))		 £
614,216
65,764
679,980
43,710
723,690
81,848
641,842
723,690		 2024
£
24,538
45,398
69,936
(19,802)
413,879
264,349		 £
622,444
62,109
684,553
50,134
734,687
56,459
678,228
734,687

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

The Executive Board acknowledge their responsibilities for ensuring that the Charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Executive Board on 17 December 2025

G E C Woodcock

Chairman

Company Registration No. 04480767

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Company information

The Soldiers Of Gloucestershire Museum is a private charitable company limited by guarantee incorporated in England and Wales. The registered office is The Custom House, Gloucester Docks, Gloucester, GL1 2HE.

1.1 Accounting convention

The financial statements have been prepared in accordance with applicable Accounting Standards, in particular the requirements of FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland), the Statement of Recommended Practice 'Accounting and Reporting by Charities' (2019), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of investments.

1.2 Going concern

At the time of approving the financial statements, the Executive Board have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Executive Board 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 Executive Board in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors 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.

1.4 Incoming resources

Donations, legacies, gifts and grants, museum admission fees, shop and coffee shop sales are accounted for in the period when the conditions for entitlement, certainty and measurement are met.

Investment income is accounted for when received.

Income is measured at the fair value of the consideration received or receivable, net of discounts, VAT and other sales related taxes.

1.5 Resources expended

Liabilities recognised as resources expended are included in the period when there is a legal or constructive obligation, committing the company to the expenditure. Their allocation is as follows:

Costs of running the shop and coffee shop are included under trading activities.

Costs of running the museum and archives and the costs of the museum redevelopment (depreciation) are included under charitable activities.

Costs of examining the accounts are included under charitable activities.

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Property Over 40 years straight line Website over 3 years straight line Fixtures and fittings Varying rates between 6 and 30 years

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.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

The investment in the subsidiary is measured at cost.

1.8 Impairment of fixed assets

At each reporting end date, the company 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).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 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.

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.10 Financial instruments

The company 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 company's balance sheet when the company 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 transaction price less impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted a market rate of interest.

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 receipts discounted at a market rate of interest. 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 transaction price price less impairment, where due in one year or less, otherwise at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11 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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2 Voluntary income

Unrestricted
Restricted
Income
Income
funds
funds
£
£
Donations and gifts
26,542
38,500
Grants receivable
1,000
-
27,542
38,500
Grants receivable
Friends
1,000
-
RGBW
-
-
1,000
-		 Total
2025
£
65,042
1,000
66,042
1,000
-
1,000		 Total
2024
£
220,648
1,000
221,648
-
1,000
1,000

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Museum admission fees 28,570 25,374
Memberships 260 3,125
28,830 28,499
Other income
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Service charge received 30,000 30,000
Room hire and royalties 4,501 279
34,501 30,279

4 Other income

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

5 Trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Events and other projects 932 2,359
6 Charitable activities
2025 2024
£ £
Staff costs 63,170 70,503
Depreciation and impairment 27,799 25,934
IT running costs 4,711 5,637
Insurance 6,551 6,613
Repairs and renewals 16,945 11,990
Subscriptions 645 2,292
Travel and volunteer expenses 1,679 3,560
Heat and light 11,915 3,577
Sundry expenditure 5,917 4,694
Accountancy and bookkeeping 3,561 3,830
Professional fees 200 1,536
143,093 140,166
Analysis by fund
Unrestricted funds 129,982 135,076
Restricted funds 13,111 5,090
143,093 140,166
7 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 1,025 1,025
Depreciation of owned tangible fixed assets 27,799 25,934

8 Executive Board

None of the Executive Board (or any persons connected with them) received any remuneration during the year, but one of them was reimbursed a total of £56 travelling expenses (2024 £605).

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

9 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Chief Executive 1 1
Operations 2 2
Cleaner 1 1
Total 4 4
Employment costs 2025 2024
£ £
Wages and salaries 61,886 69,037
Other pension costs 1,284 1,466
63,170 70,503

There were no employees whose annual remuneration was more than £60,000.

10 Net gains/(losses) on investments

2025 2024
£ £
Revaluation of investments 3,655 3,485

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

12 Tangible fixed assets

Tangible fixed assets
Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation and impairment
At 1 April 2024
Depreciation charged in the year
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024		 Property
Fixtures and
fittings
£
£
787,753
620,486
13,296
6,275
801,049
626,761
228,073
557,722
18,276
9,523
246,349
567,245
554,700
59,516
559,680
62,764		 Total
£
1,408,239
19,571
1,427,810
785,795
27,799
813,594
614,216
622,444

The property in which the museum is based was owned by the Ministry of Defence (MoD) and was partly leased to the museum.

This property was since purchased by the museum thus removing the threat that the MoD could terminate the lease. This purchase was funded by a short-term loan (which later became a permanent donation) from Ryland Ltd with C H Ryland as the settlor of the trusts from which the loan is ultimately derived.

In the light of these changes the Executive Board continue to review the depreciation and amortisation of fixed assets, in particular, their useful economic lives. With the above in mind certain assets such as display cases which are expected to last up to 20 and 30 years are now being depreciated equally over their updated expected remaining lives.

There is a profit share agreement with the MoD whereby if Customs House is let or disposed of for an amount more than £392,250 (as adjusted for inflation) the excess would be split as to 40% to the the MoD and 60% to the museum.

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

13 Fixed asset investments

Listed
investments
Other
investments
£
Cost or valuation
At 1 April 2024 & 31 March 2025
62,009
100
Carrying amount
At 31 March 2025
62,009
100
At 31 March 2024
62,009
100
2025
Other investments comprise:
Note
£
Investments in subsidiaries
22
100
14
Debtors
2025
Amounts falling due within one year:
£
Other debtors
51,492
Prepayments and accrued income
7,534
59,026
15
Creditors: amounts falling due within one year
2025
£
Other taxation and social security
1,041
Trade creditors
17,782
Other creditors
17,000
Accruals and deferred income
2,793
38,616
16
Retirement benefit schemes
2025
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
1,284		 Total
£
62,109
62,109
62,109
2024
£
100
2024
£
18,823
5,715
24,538
2024
£
1,204
16,109
-
2,489
19,802
2024
£
1,466

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16 Retirement benefit schemes

(Continued)

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17 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. Unexpended in this regard means held either as a revenue balance or as the un-depreciated portion of a fixed asset and therefore not yet charged against income.

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
1 April 2024 resources expended 31 March 2025
As restated
£ £ £ £
Museum redevelopment 40,854 - (3,277) 37,577
Friends re rennovation to displays 958 - - 958
Fund Raising grant 1,856 - - 1,856
Korean Museum donation 1,594 - - 1,594
Friends re security and display case 1,749 - (588) 1,161
Polish Display 1,500 - - 1,500
Marketing campaign - 31,500 (8,478) 23,022
Building Expansion Project 7,123 - - 7,123
Tills 825 - (225) 600
Electrical upgrade - 7,000 (543) 6,457
56,459 38,500 (13,111) 81,848

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources Gains and At 31 March
2024 resources expended losses 2025
£ £ £ £ £
General funds 413,879 90,873 (130,914) 3,655 377,493
Revaluation reserve 264,349 - - - 264,349
Previous year: At 1 April Incoming Resources Gains and At 31 March
2023 resources expended losses 2024
£ £ £ £ £
General funds 268,403 279,426 (137,435) 3,485 413,879
Revaluation reserve 264,349 - - - 264,349

THE SOLDIERS OF GLOUCESTERSHIRE MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
income
funds
Restricted
funds
2025
2025
£
£
Fund balances at 31 March 2025 are represented
by:
Tangible assets
553,133
61,083
Investments
65,764
-
Current assets/(liabilities)
22,945
20,765
641,842
81,848		 Total
2025
£
614,216
65,764
43,710
723,690		 Total
2024
£
622,444
62,109
50,134
734,687

20 Events after the reporting date

Subsequent to the year end, the Charity received a legacy from a benefactor specifically to underpin the long term security of the Museum.

21 Control

The trustees consider that no individual controls the charity.

22 Subsidiaries

These financial statements are separate financial statements and therefore present information about the charity as an individual undertaking and not as a group.

On 26 February 2020, a UK incorporated limited company, The Soldiers of Gloucestershire Museum Trading Limited, was incorporated with company registration number 12486073 and registered address The Customs House, Gloucester Docks, Gloucester, GL1 2HE. The company was incorporated with £100 authorised and issued ordinary share capital and is wholly owned by The Soldiers of Gloucestershire Museum. The company was formed with the intention that it undertake certain of the trading activities conducted by the museum and was dormant until 1 September 2020.