## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST Registered charity number: 1096944**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2024**
## **DAINS AUDIT LTD**
**St John's Court Wiltell Road Lichfield Staffordshire WS14 9DS**
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
||Page|
|---|---|
|Annual Report|1-7|
|Independent Examiner’s Report|8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Notes|11-17|
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024**
## **Reference and administrative information**
## **Trustees**
The charity trustees who served during the year and their appointing bodies are:
Brig (Retd) J K Tanner OBE Chairman (to October 2021) Co-opted Brig S J Banton OBE Chairman Co-opted Col A C D Walton MBE TD DL Co-opted Maj (Retd) M J Simpkins Co-opted Mr A Clyro Co-opted Maj (Retd) J B Massey Co-opted Lt Col D J S Bailey Co-opted Mr V R H Barrett MBE Resigned February 2024 Co-opted Miss L Rochelle Resigned November 2023 Co-opted Major (Ret) L Budd Appointed 12 June 2024 Co-opted Mr R Joynes Appointed 23 October 2024 Co-opted Lt Col M Brigham MBE Appointed 23 October 2024 Co-opted **Museum director:** Dr Rachael Abbiss
**Address:**
Staffordshire Regiment Museum Defence Medical Services Whittington Lichfield Staffordshire WS14 9PY
**Website:** www.staffordshireregimentmuseum.com **Charity No.:** 1096944 **Independent Examiner** : M Gurney FCCA, DChA Dains Audit Ltd St John’s Court Wiltell Road Lichfield Staffordshire WS14 9DS
**Bankers** HSBC Plc 49 Market Street Lichfield Staffordshire WS13 LB
1
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024**
## **Report of the Trustees for the year ended 31 March 2024**
The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the Trust Deed dated 15 April 2002, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019.
.
## **Our Vision**
To be a first-class, nationally recognised and sustainable Museum that uses the history of Staffordshire’s Infantry Regiments to move, inspire, challenge, educate and entertain.
## _“The Staffordshire Regiment Museum – Still Making History”_
## **Our Mission**
To provide a modern Museum experience that meets the widest range of needs and connects the public with its Army by telling the story of The Staffordshire Regiment, its forebears and successors and their impact on world history and modern society.
## **Our Objects**
To educate the public and members of the Regiment in the history and military accomplishments of the Regiment; to promote military efficiency and encourage recruitment by public exhibition of the collection in a museum and to preserve, conserve, restore, repair and reconstruct objects in the collection.
## **Our Purpose**
- **Material Preservation** : To collect, document, secure and conserve material evidence of Staffordshire’s infantry regiments.
- **Education** : To provide a valuable and professional educational resource, locally and nationally, linked to schools and other educational programmes.
- **Research & Study** : To be the scholarly authority on the history of Staffordshire’s Infantry Regiments and to facilitate research and study.
- **Access** : To provide optimum access to collections and services for diverse audiences.
- **Public Awareness** : To promote public awareness, knowledge and understanding of Staffordshire’s Infantry Regiments and their place within the British Army, world history and modern society.
- **Meeting Place** : To provide a meeting place and focal point to support serving soldiers, veterans and their families.
## **Our Values**
- Relevance _– still making history and focused on the future._
- Insight _– provoking thought and guiding understanding._
- Enjoyment _– bringing history alive._
- Learning _– knowledge and scholarship are our foundation._
- • Quality _– achieving excellence with integrity, responsibility and accountability._ • Access _– sharing history through imaginative and innovative solutions._
2
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024**
## **Background**
The Staffordshire Regiment (The Prince of Wales’s) was an Infantry Regiment of the British Army which was formed in 1959 by the amalgamation of The South Staffordshire Regiment and The North Staffordshire Regiment (The Prince of Wales's), whose antecedent regiments date from 1705. In 2007 The Staffordshire Regiment was amalgamated with two neighbouring county regiments to form the current Mercian Regiment (Cheshire, Worcester and Sherwood Foresters and Stafford’s).
Centrally located within the UK, the Museum sits in Staffordshire, close to Lichfield and Tamworth on land owned by the Ministry of Defence (MOD) and adjacent to Defence Medical Services Whittington (formerly Whittington Barracks). Positioned at the convergence of Staffordshire, Derbyshire, Leicestershire, Warwickshire and the West Midlands, it is within easy reach of several major population centres.
A Ministry of Defence (MoD) supported Army Heritage facility; The Staffordshire Regiment Museum was established on its present site in 1969, when the South Staffordshire Regiment and the North Staffordshire Regiment Museums were brought together, both of which were formed in the 1930s.
The Museum Trust receives Grant in Aid, from the MOD which can only be used against staff remuneration costs. The Trustees employ a full-time Museum Director, Events and Learning Officer, Assistant Curator and part-time team members utilising this grant and museum income. The Museum also has a team of duty staff who manage the facility at weekends to enable it to open 7 days a week.
The Museum is a medium-sized museum, comprising 11,000m[2] , spread over the Museum building (350m[2] ), parking areas and outdoor exhibits. Approximately 50% of the Museum building is accessible by the public. The main utility services, building maintenance and logistical support are provided free of charge under an Individual Business Arrangement (IBA) between the Museum and Army Strategic Command.
Based on a 10-year average, annual visitor attendance has been around 11,700 visitors. This year’s the Museums visitors (including 3,150 visits as part of learning programme) were approximately 15,383. This figure is very promising against a backdrop of cost-of-living pressures for households. The Museums event programme has continued to perform well, increasing in revenue from the 2022-23 period. The Event programme also enables the Museum to reach more visitors in engaging ways.
The majority of the visitors live locally, with a smaller number of day-trip and overnight visitors adding to the overall numbers. This year the Museum continued its successful educational programme which is important, addressing some of the Museum’s key objectives.. The learning programme provides for activities covering multi-subject Key Stages 1-4 of the National Curriculum using First World War, Second World War and Victorian-era resources and with volunteer re-enactors in costume leading the schools programme to bring history to life.
3
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 March 2024**
## **Background (continued)**
The collection comprises 14,000 items with a total estimated value in excess of £1 million. The Museum's exhibits comprise a wide selection of uniforms, weapons, militaria and medals, including eight of the Regiment’s thirteen Victoria Crosses from the Regiment’s participation in various campaigns. Aside from the Trench, there are several other outdoor exhibits, including weaponry pieces, play area and armoured fighting vehicles.
An estimated 15% of the collection is on public display. The remainder is stored securely in stores, which can be accessed by prior appointment.
A dedicated volunteer research team utilises the Museum’s document and collections archive to deliver projects and help with public genealogy requests and academic study.
The Museum received full accreditation from the Museums, Libraries & Archives Council (MLA) in July 2009 and was reaccredited by Arts Council England in 2013 and March 2019.
## **Governance and Management**
The Staffordshire Regiment Museum is a registered charity in England and Wales (Charity Number 1096944) and is constituted by a Deed of Trust dated 15 April 2002. The deed provides for the appointment of not less than 7 not more than 13 Trustees (including three ex-officio appointments). The existing Trustees are authorised to co-opt new Trustees from time to time and for any period, as they think fit. Some of the Trustees have previously served in The Staffordshire Regiment, whilst others are specifically recruited for their professional expertise in key areas that support the governance of the museum.
There is an induction process for newly appointed Trustees and there are procedures in place to keep upto-date with changes to charity law and practices. The Trustees set the objectives for the museum through the publication of a museum development strategy, which details a high-level, medium-term budget, to provide the basis for the setting of the annual museum budget by the Trustees. The Trustees hold at least two ordinary meetings a year, in addition to regular correspondence, to maintain the governance of the Museum.
Day to day Museum operations is managed by a Museum Director and their support team. This core team hold regular management meetings to plan, direct and conduct museum activities and support the objectives of the development strategy and are further supported by casual staff who enable the Museum to remain open at weekends. The management team benefits from the support of a group of 80-plus volunteers, who provide the backbone of the museum’s activities.
The Museum is also supported by The Friends of The Staffordshire Regiment Museum, whose available funds are incorporated within these accounts.
4
**THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024**
## **Risk Review**
The trustees have examined the major internal and external risks that the charity faces and confirm that systems and policies have been established to minimise and manage these risks.
## **Public Benefit**
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s General Guidance on Public Benefit and have complied with their duties under the Charities Act 2011.
Our key beneficiaries are (in no particular order):
- Serving soldiers of the Mercian Regiment and veterans of the Mercian and Staffordshire Regiments.
- The Armed Forces of the United Kingdom.
- Children and students in further/higher education.
- Military enthusiasts/hobbyists/researchers/authors and other military bodies.
- The general public (particularly those who live in Staffordshire and the Midland Counties).
## **Review of Progress and Achievements**
Over the period 2022 to 2023 the Museum has made significant steps to return to growth both in terms of engagement and income. Over 2023-2024 the Museum brought back fully its learning and events programme, which has helped to deliver a more balanced budget for the Museum Trust. Highlights over the year include its successful Blitz ‘Second World war’ themed event and the ever popular ‘Night in the Trenches’ event. The Museum looked internally too with a focused project on how it provides a more inclusive environment for its audiences and volunteers through a programme funded by Museum Development Midlands. The Museum looked to create the platform for increased income for 2024/2025 The Museum continues to develop external exhibits in conjunction with The Friends of The Staffordshire Regiment Museum.
Longer term, The Museum developed in 2012 its strategy to 2020 to develop the Museum offer and governance, which was delivered. However as noted previously the Museum building and displays are showing their age and is too small to be able to further develop its operation, activities or income much above current levels. This limits its ability to be financially self-sustaining, although through the Museum Team the Museum has become largely self-sustaining within its current facilities. Over the last few financial years, the Trustees have been looking to develop joint approaches with other museums to redevelop the Whittington site. As part of this plan the Museum Trustees have been in talks with the partners with a view to collaborating to build a new shared facility on the current site and talks have begun with the MOD to progress this plan, with a view to obtaining a long-term lease for the site. The Staffordshire & Mercian Military Museum partnership with stakeholders, particularly the Mercian Regiment. The Mercian Regiment has agreed to base its museum and heritage operation at Whittington. This will ensure that the Whittington site will retain MOD funding beyond 2030 when other MOD supported museums will see their funding end. The agreements concerning the lease have started to reach conclusion and a major fundraising campaign will be launched to begin raising the funds for the planned redevelopment project. The project is to be planned in stages so as not over-reach the Trust at one specific time.
In recognition of the Museum’s work and the outstanding contribution of the volunteers who provide the backbone of the Museum, The Staffordshire Regiment Museum was awarded the Queen’s Award for Voluntary Service in June 2013, and the Volunteer Team at the Staffordshire Regiment Museum continues to thrive and see its efforts rewarded through various local and regional awards in 2023.
5
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 March 2024**
## **Review of Progress and Achievements (continued)**
The Trustees are well aware that without the support of our team of dedicated volunteers the Museum would not be able to operate and deliver on its core purposes.
The Trustees would like to specifically acknowledge with gratitude the role the Museum Volunteers play in the Museum’s continued success
## **Funds held as Custodian Trustee**
The Museum acts as custodian trustee for the Veteran’s Hub, as detailed in note 14 to the accounts.
## **Reserves Policy**
Unrestricted funds held at 31 March 2024 totalled £440,687 of which £434,222 are regarded as free reserves after allowing for funds tied up in tangible fixed assets. In addition, £15,432 is held in a designated fund known as the Museum Endowment Fund.
The target level of reserve, determined by the Trustees is to be the equivalent to 12 months operational expenditure (including salary costs, less Grant-in-Aid), which would allow the Museum to continue to operate in the event of an unforeseen emergency or other unexpected need.
The target range for free reserves in the current financial year is c£100,000, which should be held in investments, bonds or on deposit and which can be easily realised without penalty. Current reserves exceed the target, however the Trustees consider this acceptable in view of the Museum’s longer term development plans.
6
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024**
## **Investment Policy**
The Trustees have continued to invest a proportion of these excess funds in equity funds via Hargreaves Lansdown. Dividend income from the Funds is withdrawn in order to fund operational expenditure.
At 31 March 2024, the investments held by Hargreaves Lansdown had a market value of £284,553.
## **Statement of trustees’ responsibilities**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and Trust Deed. They are also responsible for safekeeping the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees and signed on their behalf by:
J B Massey
Date: 30 January 2025
7
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **Independent Examiner's Report to the Trustees of the Staffordshire Regiment Museum Trust**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 9 to 17.
## **Responsibilities and basis of report**
As the charity’s trustees 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 charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) 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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting 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.
M Gurney FCCA, DChA Dains Audit Ltd St John’s Court Wiltell Road Lichfield Staffordshire WS14 9DS
Date: 30 January 2025
8
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|**Unrestricted Restricted Designated**
**Funds**
**Funds**
**Funds**
Notes £ £ £
**Income from:**
Donations & legacies 2
19,957
31,071
-
Other trading activities
3
15,371
-
-
Investments 4
13,147
-
-
Charitable activities
Museum admissions inc. events
38,562
- -
School visits
16,407
-
-
Other
867
-
-
Transfer Staffordshire TA Trust
-
-
-
______
_______
_______
Total Income
104,311
31,071
-
______
_______
_______
**Expenditure on:**
Raising funds
3
13,511
-
Investment management costs
757
-
-
Charitable activities
7/8
105,706
24,271
-
Other costs
Independent examiner
9
2,700
-
-
_____
______
_______
Total
122,674
24,271
-
______
_______
_______
Unrealised gain/(loss) on investments 12
7,432
-
-
_____
______
_______
Net income
(10,931)
6,800
-
Transfer between funds 11
6,800
(6,800)
-
**Reconciliation of funds:**
Fund balances brought forward
444,818
-
15,432
_____
_____
_______
Fund balances carried forward
440,687
-
15,432
______
_____
_______|**Total**
**Total**
**2024**
**2023**
£ £
51,028
29,640
15,371
15,187
13,147
9,009
38,562 32,317
16,407
17,470
867
-
-
51,751
______
______
135,382
155,374
_______
______
13,511
7,659
757
872
129,977
100,683
2,700
4,000
_______
____
146,945
113,214
_______
______
7,432
2,364
_______
______
(4,131)
44,524
-
-
460,250
415,726
______
______
456,119
460,250
______
______|
|---|---|
9
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **BALANCE SHEET AS AT 31 MARCH 2024**
||**Notes**||**2024**||**2023**|
|---|---|---|---|---|---|
|||£|£|£|£|
|**Fixed Assets**||||||
|Heritage Assets|1e/11||44,700||32,100|
|Tangible Assets|10||6,465||8,493|
|Listed Investments|12||284,553||227,830|
||||______||______|
||||335,718||268,423|
|**Current Assets**||||||
|Stock||10,922||9,830||
|Debtors|14|4,075||3,569||
|Cash at Bank and on Deposit|13|140,623||209,922||
|||______||______||
|||155,620||223,321||
|**Current Liabilities**||||||
|Creditors|14|35,219||31,494||
|||______||______||
|Net Current Assets|||120,401||191,827|
||||______||______|
|Net Assets||||||
||||456,119||460,250|
|||||||
||||______||______|
|**Represented By:**||||||
|Designated Funds –||||||
|Museum Endowment Fund|||15,432||15,432|
|Restricted Funds|||-||-|
|Unrestricted Funds|||440,687||445,088|
||||______||______|
||||456,119||460,250|
||||______||______|
These financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
These financial statements were approved by the Board of Trustees on 30 January 2025 and signed on their behalf by
.............................................................. S J Banton
………………………………………… J B Massey
10
**THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1. Accounting Policies**
## **a. Basis of Accounting**
The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with 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, and the Charities Act 2011 and applicable regulations.
The charity constitutes a public benefit entity as defined by FRS 102.
## **b. Income**
All income is included when receivable.
## **c. Expenditure**
Expenditure is included on an accruals basis.
## **d. Tangible Fixed Assets**
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer Equipment - 25% reducing balance Portacabin - 25% reducing balance Fixtures & Fittings – 15% reducing balance
## **e. Heritage Assets (Museum Collection)**
Heritage Assets are those types of assets where no reliable cost information is readily available and there is no suitable valuation technique. Heritage assets costing more that £1,000 are capitalised and included on the Balance Sheet. Heritage assets costing less than £1,000 are included in cost of charitable activities in the year of purchase. Disposals of assets are very infrequent, and are supervised by the Trustee Board. The museum collection comprises over 14,000 individual exhibits.
Heritage assets are maintained either at the Museum site, or in secure storage, and are appropriately insured. More detail is provided within the Trustee Report.
Details of the purchases of heritage assets over the last 5 years are included as note 10 to these accounts.
## **f. Listed investments**
Listed investments are initially recognised at transaction value and subsequently measured at their market value at the balance sheet date.
## **g. Stocks**
Stocks consist of items for resale. Stocks are valued at the lower of cost and net realisable value.
## **h. Fund Accounting**
Unrestricted funds are funds available for the general objects of the charity.
## **i. Designated Funds**
The designated funds represent those funds which the trustees have designated for a particular purpose.
## **j. Restricted Funds**
Restricted Funds represent funds which are to be used for specific purposes laid down by the grant making body or donor.
11
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Donations and Legacies**
|**Donations and Legacies**|||||
|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|**Total**|
||||**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Donations|5,064|608|5,672|2,839|
|Tax repayable on Gift Aid/GASDS|3,893|-|-3,893|2,577|
|Legacies|11,000||11,000||
|Grants|||||
|Ministry of Defence|-|23,663|23,663|22,751|
|Victoria and Albert Museum|-|6,300|6,300|-|
|RHQ Mercian||500|500|-|
|Other|-|-|-|1,473|
||**_____________________________________________________**||||
||19,957|31,071|51,028|29,640|
||**_____________________________________________________**||||
## Restricted grants are detailed in Note 15.
In 2023, £22,751 of the total donations and legacies represented restricted income.
## **3. Other trading activities**
|**Income**
Shop Sales
Research
**Cost of raising funds**
Opening Stock
Purchases
Closing Stock
**4**
**Income from Investments**
Investment income
Bank deposit interest|**2024**
**£**
14,056
1,315
______
15,371
______
9,830
14,603
(10,922)
______
13,511
______
**2024**
**£**
10,465
2,682
______
13,147
______|**2023**
**£**
13,926
1,261
______
15,187
______
9,645
7,844
(9,830)
______
7,659
______
**2023**
**£**
7,998
1,011
______
9,009
______|
|---|---|---|
## **5 Trustees Remuneration, Expenses and Related Party Transactions**
No remuneration directly or indirectly out of the funds of the Charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them. Trustees’ subsistence expenses during the year amounted to £120 (2023 - £271).
12
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **6 Volunteers**
The Museum has a strong core team of around 80 regular volunteers who provide invaluable support to the Museum’s daily operations. On joining, a new volunteer may choose to work in one of three key areas, Education, Research or Front of House, although their activities are not restricted and they may work in all areas, and also assist with special events if they wish to.
The number of hours worked by volunteers has started to recover since the Museum reopened after the pandemic closure and will continue to grow it is hoped. During the year the volunteer team delivered 5,020 hours (2023 – 4,480 hours) of support activity, broken down as follows:– Education (1,200 hours), Research (1,000 hours), Front of House – desk duty and collections (1,320 hours),Special Events (1,500 hours).
The above are average figures recorded from the core volunteering tasks that the team carry out on a regular basis at the Museum but do not included the many other ad hoc tasks such as maintenance days. The activities carried out by the Friends of the Museum are also not included above.
|**7**|**Charitable activities**|||||||
|---|---|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Designated**||**Total**||
|||**Funds**|**Funds**|**Funds**||**2024**|**2023**|
|||**£**|**£**||**£**|**£**|**£**|
||Exhibit Display Materials|2,100|-||-|2,100|2.372|
||Exhibit & Event Insurance|3,354|-||-|3,354|2,361|
||Archives, Exhibits, Storage|||||||
||& Conservation|443|-||-|443|72|
||Volunteers Expenses & Training|1,379|-||-|1,379|672|
||Staff and Trustee Expenses|905|-||-|905|337|
||Staff Training|-|||-|-|568|
||Education|1,905|-||-
|1,905|974|
||Events|1,363|608||-|1,971|2,031|
||Salaries & National Insurance|64,625|23,663||-|88,288|75,740|
||Accounting and HR Services|3,473|-||-|3,473|3,356|
||Printing, postage & stationery|1,308|-||-|1,308|1,129|
||Journals & Subscriptions|1,053|-||-|1,053|849|
||Advertising & Publicity|1,254|-||-|1,254|414|
||Depreciation|2,028|-||-|2,028|2,681|
||Exterior works/ large works|5,376|-||-|5,376|
-|
||General Maintenance|1,161|-||-|1,161|1,214|
||IT costs|1,326|||-|1,326|1,950|
||Till rental & expenses|2,504|-||-|2,504|1,897|
||Website maintenance|999|-||-|999|457|
||Building inspection report|2,350|-||-|2,350|-|
||Regimental Association – heritage|5,750||||5,750||
||Bank charges|155|-||-|155|148|
||Sundry expenses|895|-||-|895|1,461|
|||_____|______|______||______|______|
|||105,706|24,271||-|129,977|100,683|
|||______|______|______||______|_____|
In 2023 the expenditure on charitable activities was £100,683 of which £24,376 was from restricted funds and £76,307 was from unrestricted funds.
13
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **8 Staff Costs and Numbers**
||2024|2023|
|---|---|---|
||£|£|
|Salaries|85,520|73,406|
|National Insurance|1,186|1,092|
|Defined contribution pension contributions|1,582|1,242|
||______|______|
|Total|88,288|75,740|
||______|______|
|Average Number of full time equivalent employees furthering the charities objects 3||3|
||______|______|
|No employee earned more than £60,000 (2022 - £nil)|||
## **9 Independent examiner**
The independent examiner’s fee of £2,700 includes £600 in respect preparing the statutory accounts (2023£600).
## **10 Tangible Fixed Assets**
|**10**
**Tangible Fixed Assets**|||||
|---|---|---|---|---|
||**Computer**||**Fixtures &**||
||**Equipment**|**Portacabin**|**Fittings**|**Total**|
||£|£|£|£|
|**Cost**|||||
|At 1 April 2023|12,317|29,520|
34,459|76,296|
|Additions|-|-|
-|-|
||_____|_____|
______|______|
|At 31 March 2024|12,317|29,520|
34,459|76,296|
||_____|_____|
______|______|
|**Depreciation**|||||
|At 1 April 2023|10,023|24,269|
33,511|67,803|
|Charge for Year|573|1,313|
142|2,028|
||_____|_____|
______|______|
|At 31 March 2024|10,596|25,582|
33,653|69,831|
||_____|_____|
______|______|
|**Net Book Value**|||||
|**At 31 March 2024**|**1,721**|**3,938**|
**806**|**6,465**|
||_____|_____|
______|______|
|At 31 March 2023|2,294|5,251|
948|8,493|
||_____|_____|______|______|
14
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **11 Heritage Assets**
During 2022 an anti tank gun was purchased at a cost of £32,100. The addition of £13,020 during the year represents the purchase of items formerly belonging to Lieutenant Colonel Philip Eyre. This specific purchase was supported by a restricted grant of £6,300 from the V and A Purchase Fund and a £500 restricted grant from the Mercian Regiment Charity
The purchases of heritage assets costing less than £1,000 are included within “Archives, Exhibits, Storage & Conservation”.
There were no such purchases during the financial year.
The equivalent figures for the previous 4 years are as follows: 2023: £nil; 2022: £nil, 2021: £nil, 2020: £4,888.
Whilst exhibits are regularly updated, and items replaced or repaired as necessary, no heritage assets have been sold during the last 5 years.
More detail on the extent and nature of heritage assets held by the Museum is provided in the Background Section of the Trustee Report
## **12 Listed Investments**
During the financial year investments were held in Equity Income Funds managed by Janus Henderson Investment Funds Limited, Fidelity Investment Funds and CT Investment Services Limited, using the Hargreaves Lansdown investment platform.
|**01-Apr-23**
£
Janus Henderson Global
Equity Income Fund
76,222
CT UK Equity Income Fund
95,070
Fidelity Enhanced Income
Fund
56,286
Total Funds
227,578
Cash
252
Total
227,830
**Cash at Bank and On Deposit**
Deposit Accounts
Current Accounts
Cash in Hand|**01-Apr-23**
£
76,222
95,070
56,286|**Additions**
**Disposal**
**Unrealised**
**gain**
£
£
£
16,600
5,262
16,628
397
4,236
16,600
(2,066)|**31-Mar-24**
£
98,084
115,537
70,820|
|---|---|---|---|
||227,578
252|49,828
397
7,432|284,441
112|
|||**2024 2023**
£
£
132,704
192,361
7,579
16,145
340
1,416
______
______
140,623
209,922
______
______||
||227,830||284,553|
|||||
## **13 Cash at Bank and On Deposit**
15
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
|**14**|**Debtors & Creditors**|||**2024**|**2023**||
|---|---|---|---|---|---|---|
|||||£|£||
||**Debtors**||||||
||Tax repayable on Gift Aid|||951|736||
||VAT recoverable|||1,056|503||
||Other|||2,068|2,330||
|||||______|______||
|||||4,075|3,569||
|||||______|______||
||**Creditors**||||||
||Funds held as Custodian Trustee|||27,629|27,733||
||Creditors and Accruals|||7,590|3,761||
|||||______|______||
|||||35,219|31,494||
|||||______|______||
||**Funds held as Custodian Trustee**||||||
|||**Balance at**||||**Balance 31**|
|||**April 2023**|**Income**|**Expenditure**||**March 2024**|
||||£|£||£|
||Veteran’s Hub|27,733|4,302|4,406||27,629|
||Total|27,733|4,302|4,406||27,629|
The balance held on behalf of the Veteran’s Hub is held in the Staffordshire Regiment Museum Trust bank account and separately identified within the accounting records.
**15** The assets and liabilities of the charity are represented by the funds as detailed below
|**Unrestricted Funds**
Fixed Assets
Net Current Assets
Total Unrestricted Funds
Designated Funds – Net Current Assets
Restricted Finds – Net Current Assets
Total||**2024**
**2023**
**£**
**£**
335,718
268,423
104,969
176,395
440,687
444,818
15,432
15,432
**-**
-
456,119
460,250|
|---|---|---|
||||
16
## **THE STAFFORDSHIRE REGIMENT MUSEUM TRUST**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024**
## **15 (continued)**
## **Restricted Funds 2024**
|Ministry of Defence Grant
Victoria and Albert Museum
RHQ Mercian
Other
Total|**1 April**
**2023**
**Incoming**
**Resources**
**Expended**
**Resources**
**31 March**
**2024**
£
£
£
£
-
23,663
(23,663)
-
-
6,300
(6,300)
-
-
500
(500)
-
-
608
(608)
-|
|---|---|
||-
31,071
(31,071)
-|
## **Restricted Funds - 2023**
|Ministry of Defence Grant
AMOT
Total|**1 April**
**2022**
**Incoming**
**Resources**
**Expended**
**Resources**
**31 March**
**2023**
£
£
£
£
-
22,751
(22,751)
-
3,210
-
(3,210)
-|
|---|---|
||3,210
22,751
(22,604)
-|
Restricted Funds relate to grants from the following bodies;
Ministry of Defence Grant - grant to cover salary payments. AMOT Grant – grant for interactive upgrade. Victoria and Albert Museum and RHQ Mercian – towards purchase of Lieutenant Eyre collection. Other donation was specifically for a family event.
17