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← The Tank Museum Limited

2024-12-31-accounts

Company Registration No. 04962619 (England and Wales)

Charity No. 1102661

The Tank Museum Limited

Trustees’ report and financial statements for the year ended 31 December 2024

The Tank Museum Limited (A company limited by guarantee)

Legal and administrative information For the year ended 31 December 2024

Page
Legalandadministrative information 1
Trustees’ report 2-10
Independentauditors’ report 11-14
Consolidated statement offinancial activities 15
Consolidated balance sheet 16
Charitybalancesheet 17
Consolidated statement ofcash flows 18
Notestothefinancialstatements 19-37

The Tank Museum Limited

(A company limited by guarantee)

Legal and administrative information For the year ended 31 December 2024

Trustees MrWilliam Bannister
Mr DavidWebb
MrWilliam Suttie
Ms KateAdie,OBE DL
MrAnthonyWoodhouse
MrAlexanderWalters (Resigned6June2024)
MrOliverBarnham (Resigned 6"June 2024)
MrsYun Sun Choi
MsAndrea Bishop
Col Nicholas Serle
Col PatrickWilliams MCADC (Resigned 12 September2024)
Mr Scott Milne
SirWilliam Rollo
MrMartin Rutledge
BrigadierJamesThompson
MrNicholas Fernyhough (Appointed6June 2024)
Col MatthewWilkinson (Appointed12September2024)
Secretary PaulDolan
Companyregisterednumber 04962619
CharityCommission
registrationnumber 1102661
Registered office BovingtonCamp
Wareham
Dorset
BH20 6JG
Museum Director Chris Price (Appointed 2"4January2024)
Auditors SafferyLLP
MidlandHouse
2 Poole Road
Bournemouth
BH2 5QY
Investmentadvisers InvestecWealthand Bankers Barclays
Investment TagusHouse
30 GreshamStreet Southampton
London Hampshire
EC2V7QN $0142ZP

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The Tank Museum Limited (A company limited by guarantee) Trustees’ Report For the year ended 31 December 2024

The trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited consolidated financial statements of The Tank Museum Limited and its trading subsidiary, Tank Museum Trading Company Limited for the year ended 31 December 2024. The trustees confirm that the Annual Report and financial statements of the charity and the group comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" effective from 1 January 2019.

Group Strategic Report

. Policies and objectives

Purposes and aims: The charity's purposes are set out in the objects contained in the company’s Memorandum of Association:

We summarise our purpose with the phrase ‘we tell the story of tanks and the people who serve with them’. The vision of The Tank Museum is to be the world’s leader in the heritage of armoured warfare. Our mission is to conserve, develop and interpret the national collection of tanks and armoured fighting vehicles to educate and inspire people with the story of tanks and the people who serve with them; past, present and future.

Activities for achieving objectives

In delivering our activities we seek to:

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The Tank Museum Limited (A company limited by guarantee)

Trustees’ Report (continued) For the year ended 31 December 2024

Ensuring our work delivers our aims

Every twelve months, the board of trustees reviews our aims, objectives and activities in a forward plan. This plan looks in detail at the year ahead and in summary to a minimum of five years ahead. Progress against this plan is assessed every quarter during the Board meetings. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives that they have set.

How our activities deliver public benefit

Our activities focus on engaging with the general public to educate them in the history of armoured warfare, in particular to try to ensure that the achievements of the Royal Armoured Corps and the Royal Tank Regiment are preserved for posterity. To do this, we hold and interpret the national collection of armoured vehicles.

Achievements and performance

Who used and benefited from our services?

Between January and December 2024, 221,183 people visited the Museum (2023: 223,587). This is our 24 busiest year for visitors on record, 1% down on 2023 (our busiest year).

The admissions policy allows for serving members of the armed forces and for members of the regimental associations of the Royal Armoured Corps to enter the Museum free of charge. We also encourage families of MoD staff in Bovington to use the Museum at no charge.

While everyone has access to the Museum, there is a charge for entry which extends to an annual membership. During winter months, up to 18% of our audience comes from people taking advantage of the unlimited return visits from their annual membership. In 2024 we introduced a Universal Credit & Pension Credit ticket, which gives a 75% discount on entry. This ticket type does not attract gift aid or an annual pass but is aimed at making the museum more financially accessible.

Review of activities

Another hot and dry summer meant that our visitor numbers did not reach their full potential but out of school holidays was very strong. If we had experienced two rainy days in July or August, we would have achieved our best year on record. TankFest and both Tiger Day's reached sell-out crowds, and despite international visitors still falling below 2019 levels, we sold out TankFest 1-month quicker than our previous record.

Numbers seemed unaffected by the price increase that was implemented at the beginning of 2024. With some 62% of visitors now booking online, we increased the discount to 15% on an online purchase, to keep the price of an adult ticket under £20. It must be noted that while the country is still experiencing a cost-of-living crisis, we are still seen as exceptional value for money, with an annual pass as standard.

Our ALVA (Association of Leading Visitor Attractions) value for money statistics are still well above the average, which also means we have improved the offer on site, in line with the price increases. While 2024 marked the first year since 2016 without a new exhibition, it featured numerous smaller exhibition upgrades as we dismantled the Afghanistan exhibition and commenced preparations to put the new Ukraine exhibition in.

Online shop sales have remained strong, but we did see a dip against 2023 with a lack of publishing projects (due to a change in structure).This is an in-year issue and is not seen to be an ongoing risk. It is also worth noting that on site retail sales are 6% up on last year.

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The Tank Museum Limited (A company limited by guarantee)

Trustees’ Report (continued) For the year ended 31 December 2024

The TikTok channel continues to attract large audiences. We now have 463k followers. The main YouTube Channel growth has continued and has been reaching record audiences, with over two million people watching our content each month and 1.25 million subscribers.

With the new Director coming in, a new Leadership team structure was put in place. This has meant 2 new positions in the Leadership Team, Chief Operating Officer and Head of Curatorial Services. David Willey, long term Curator of the Museum, retired but is still coming back for specific events like TankFest & Tiger Day. Staff turnover in general has been low, but recruitment remained challenging in our catering and media roles.

The Museum re-achieved accredited status in 2024 and has gone on to apply for accredited archive status. This is the first time the Archive has applied for accreditation and is testament to the significant work that has been done there over the last few years.

The Tank Museum Trading Company

This is the Museum’s trading company whose accounts are incorporated into the consolidated accounts provided a donation of £468,685 (2023:470,798) to the Charity.

Remuneration and key management personnel

The trustees consider the board of trustees, the Museum Director, the Company Secretary (who is also the Head of Finance), the Chief Operating Officer, the Head of Marketing and Engagement, the Head of Visitor Experience and Commercial, the Head of Curatorial Services and the HR Business Partner to comprise the key management personnel of the charity. All members of the board of trustees give their time voluntarily and receive no financial benefits from the charity.

Investment Policy and Performance

The aim of The Tank Museum’s investment policy is to principally seek long-term capital gain, whilst supporting an adequate level of income to provide for shorter term unanticipated risks or opportunities. We adopt a range of risk profiles for our investments depending on the purpose of each fund.

Underpinning this are our purposes and aims, as enshrined in our Objects. In particular, this investment policy reflects our underlying mission to conserve, develop and interpret the National collection of tanks, other armoured vehicles and a wide range of associated archives and other articles.

The Museum’s investment portfolio is currently managed by Rathbones (formerly known as Investec) appointed in 2013 with full discretionary powers. In mid-2024 the Board of Trustees conducted a formal review of our Investment and Reserve policies and procedures and our mandate with Rathbones - including commissioning an external report. The Board concluded we should continue with our current Manager for a 5-year term (subject to normal periodic performance review).

Rathbones will manage two portfolios on behalf of The Tank Museum:

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The Tank Museum Limited (A company limited by guarantee)

Trustees’ Report (continued) For the year ended 31 December 2024

Each quarter, our investments are reviewed by the Executive Committee on behalf of the Board. At the first full Board meeting following the financial year end, the Trustees formally review Investment performance; our Investment Policy Statement and the Mandate. The Investment Manager will normally attend.

Both Funds performed well in 2024 with both funds exceeding their targeted Benchmarks, being Resource Fund CPI +2%, 2054 Fund CPI +4%.

Financial Review

2024 was another successful year, thanks to a combination of strong visitor numbers both onsite and online.

Thanks to our ongoing investment in our exhibition programme, our media profile and hardworking, loyal staff we have maintained strong visitor numbers almost matching our record 2023 year.

These strong visitor numbers have resulted in a surplus of unrestricted funds for the year of £324,778 (2023: £793,119) before investment gains of £356,089 (2023: gains £358,352). Total funds generated in 2024 werea gain of £680,867 (2023: gain of £1,151,471).

The Museum’s liquidity position continues to remain strong, with funds invested in a combination of cash, low risk corporate bonds and equities which have exceeded the benchmarked performance criteria. These investments are currently valued at £7,141,682 (2023: £7,139,378). The intention of these investments is to use the funds towards costs related to major exhibitions planned for 2025 and beyond, site improvements and the Museum’s ongoing resilience.

The Museum also has cash totalling £4,668,284 (2023: £3,932,156), which is used to finance the day to day running, and the current building projects of the museum and working capital.

The Ministry of Defence continues to fund the running costs of The Tank Museum’s buildings in line with ECAB policy. The board is extremely grateful to the MoD both for their financial support and ongoing technical assistance on all operational matters. The support from the MoD takes the form of paying for services to support the upkeep and operations of buildings, and a number of non-cash items such as depreciation and cost of capital. By combining the MoD’s buying power on services and utilities with the private sector management of the operation, The Tank Museum provides an excellent model for public/ private sector partnership. This income and expenditure is recognised in the Statement of Financial Activities.

Reserves policy

The Tank Museum’s Reserves are based on three imperatives:

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The Tank Museum Limited (A company limited by guarantee) Trustees’ Report (continued) For the year ended 31 December 2024

The Operating Reserve

This Reserve is to maintain adequate additional liquidity to support the museum’s operations during closure caused by unforeseen circumstances for a period of between one and six months, a calculated exposure of between £700k to £2.1 million, depending on length of closure and timing of months impacted.

Given the lessons of the pandemic and current economic and other uncertainties the Trustees have decided to set a mid-risk position of £1.4 million (from 2023). The Reserve is held as Cash or in Near Cash Instruments.

The Short-Term Reserve

Known as the Resource Fund, it operates with a 6 month notice period, to provide capital for financing short term (within 5 years) major capital expenditure, if the opportunity or need arises. Provision is also made for up to £500k to be drawn down in support of the Operating Reserve in a worst-case scenario, with availability within 3 months. This is a Designated fund.

The Long-Term Reserve

The Long-Term Reserve comprises two elements: the 2054 Fund and the HLF Catalyst Fund.

The total reserves at the yearend were £29,451,361 (2023: £28,770,494) represented by: Restricted Funds £10,333,300 (2023: £10,964,989), Endowment Funds £1,391,562 (2023: £1,295,109), Designated Funds £12,141,761 (2023: £11,803,906) and Unrestricted Funds £5,584,738 (2023: £4,706,490).

Free Reserves are calculated as Unrestricted Funds £5,584,738 (2023: £4,706,790) less functional assets of the charity which represent a commitment of £2,506,532 (2023: £2,448,212), leaving a Free Reserve level of £3,078,206 (2023: £2,258,278).

The current free reserves are £3,078,206 (2023: £2,258,278) therefore the Trustees feel there is sufficient headroom to both meet our operating reserve criteria and commencea capital expenditure program in 2025 to renew the internal fabric of the Museum to improve the quality of the visitor experience.

Plans for the future

The Tank Museum seeks to continuously improve its visitor experience and its collection management in order to further our charitable objects. The Trustees agree annually a rolling five-year strategic plan to give direction to the charity. The summary of the plan is:

1) Wewillimprove collection care

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The Tank Museum Limited (A company limited by guarantee) Trustees’ Report (continued) For the year ended 31 December 2024

Following the completion of our redevelopment programme in 2018, we at that point had the facilities to ensure we had a collection that was fit for display for future generations. However, as our collection has grown, so too has our ambition. We want to ensure the preservation of our collection and to enable it to be interpreted by an ongoing programme of live vehicle displays, based around a plan to operate a representative selection of vehicles for the Second World War Centenaries from 2039-45. This will involve a bid to the National Lottery Heritage Fund in 2025 to underpin the facilities and programmes that we will need to deliver to be a thriving 215* Century Museum.

The organisation has also confirmed plans to spenda significant legacy and our own funds to upgrade the reading room and general facilities in the Archive. The Richard Ogorkiewicz reading room will be added to the plans for 2025.

2) Wewill develop our collections

The Museum has been successful in building its collection over recent years, with significant long-term loans and acquisitions. We maintain a list of vehicles for both active and passive collecting as well as a programme of collecting supporting artefacts and documents. We will also look to prune our collection where we have over collected in the past.

3) We will continue to develop our visitor experience and exhibitions

Delivering a high-quality visitor experience is both the ends and the means of achieving our charitable objects. The quality of a visitor’s experience is a key measure of our success in educating the public and also the main driver of encouraging repeat visits and advocating visits by others. Through subscribing to a range of visitor experience benchmarking services the Museum is now able to measure and manage the visitor experience more closely.

We will deliver a series of thematic displays in the existing buildings to bring to life a variety of aspects of the people and vehicles involved in armoured warfare.

4) Wewill develop our online experience to engage more people and improve sustainability

The Museum is a leader in the use of social media in this field, with an audience greater than that which can physically come to the site. We will continue to invest in building this audience and will work to generate income from our on-line activities which will enable us to reach this audience sustainably into the future.

Employee involvement and employment of the disabled

The charity has implemented a number of detailed policies in relation to all aspects of personnel matters including:

° Equal Opportunities Policy

Health & Safety Policy

In accordance with the charity's Equal Opportunities Policy, the charity has long established fair employment practices in the recruitment, selection, retention and training of disabled staff. Full details of these policies are available from the charity's offices.

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The Tank Museum Limited (A company limited by guarantee)

Trustees’ Report (continued) For the year ended 31 December 2024

Structure, governance and management

Constitution

The charity was incorporated on 13 November 2003. Previously it existed as an unincorporated association set up by a Declaration of Trust dated 28 July 1977 derived from the Royal Armoured Corps and The Royal Tank Regiment. The registered charity number is 01102661. As of 1 April 2005, the charity commenced trading as a charitable company limited by guarantee registered company number 04962619.

Method of appointment or election of trustees

The board of trustees is shown on page 1. The composition and size of the board is reviewed regularly to assess the skills requirement of the board for it to meet the needs of the museum. The board is responsible for appointing trustees who are recruited from as broad a base as possible by personal contact and usually serve for three years with a maximum of nine years.

Normally the full board meets four times a year to provide strategic leadership, set the budget and monitor accounts. An Executive Committee meets for a further four meetings to review the business of the museum, the development strategy and plans. In addition, a collections committee meets quarterly to review and assess collections policy. A renumeration committee looks at the pay of senior managers, director and charity wide increases due to inflation etc.

Policies adopted for the induction and training of trustees

All new trustees are required to undertake an induction programme to give thema structured introduction to the operation of the museum and to give them an opportunity to meet key members of staff.

Organisational structure and decision making

The trustees decide the long-term strategy for the Museum; they set budgets, review quarterly performance of the charity and instigate change.

The Director manages the day-to-day operations. The Director is assisted by the Leadership Team, the functional areas being: curatorial, finance, human resources, collections, commercial operations and marketing.

Risk management

The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The executive committee of trustees has conducted its own review of the major risks to which the charity is exposed, and systems have been established to mitigate these risks. No specific external risks have been identified. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure they still meet the needs of the charity. The trustees review all these policies annually, as they do the risk register and policies intended to mitigate risk to the Museum. To add capacity and resilience to the charity, the management team structure was reviewed by the new Director this year.

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The Tank Museum Limited (A company limited by guarantee)

Trustees’ Report (continued) For the year ended 31 December 2024

Fundraising

All fundraising efforts of the Museum are led by the director and the Leadership Team and are carried out in line with the Code of Fundraising Practice. Approaches to the public are made only on the site or online to people who have actively chosen to engage with the Museum. The board of trustees are updated on activities quarterly. The Museum is nowa subscriber to the Fundraising Regulator. The charity received no complaints in relation to its fundraising activities during the year.

Trustees' responsibilities statement

The trustees (who are also directors of The Tank Museum Limited for the purposes of company law) 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).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

e select suitable accounting policies and then apply them consistently;

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are trustees at the time when this Trustees’ Report is approved has confirmed that:

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The Tank Museum Limited
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(A company limited by guarantee)

Trustees’ Report (continued) For the year ended 31 December 2024

Auditor

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Saffery LLP were re-appointed as auditor to the charity and in accordance with Section 485 of the Companies Act
2006, the trustees will propose a motion re-appointing the auditors at a meeting ofthe trustees.
This report was approved by the trustees on S June 2025 and signed ontheir behalf by:
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The Tank Museum Limited (A company limited by guarantee)

Auditor's Report For the year ended 31 December 2024

Opinion

We have audited the financial statements of The Tank Museum Limited (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 December 2024 which comprise Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities ofthe trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.

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The Tank Museum Limited (A company limited by guarantee)

Auditor’s Report For the year ended 31 December 2024

If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

e the Trustees’ Annual Report which includes the Directors’ Report and the Strategic Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course ofthe audit, we have not identified material misstatements in the Trustees’ Annual Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 9,the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error Page 12

The Tank Museum Limited (A company limited by guarantee)

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Auditor’s Report
For the year ended 31 December 2024
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and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006, guidance issued by the Charity Commission for England and Wales and Health and Safety regulation.

Further, the group and parent charitable company are subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements; through a significant fine, litigation or restrictions on the group's operations. We identified the most significant of such laws and regulations to be those relating to The Health and Safety Executive.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness ofjournal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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25 June 2025

The Tank Museum Limited

(A company limited by guarantee)

Consolidated Statement of Financial Activities (including Income and Expenditure account) For the year ended 31 December 2024

Restricted Endowment Unrestricted Total TotalFunds
Funds Funds2024 Funds Funds2024 2023
2024 2024
Note £ £ £ £ £
Income from:
Donations,
legacies
grants		 and 2 . 345,003 - 1,559,452 1,904,455 1,844,668
Othertradingactivities 3 - - 3,713,658 3,713,658 3,821,030
Investments 4 - 40,858 340,587 381,445 277,112
Charitable activities 5 - - 3,843,201 3,843,201 3,575,591
Totalincome 345,003 40,858 9,456,898 9,842,759 9,518,361
Expenditureon:
Raisingfunds - 8,287 3,542,921 3,551,208 3,707,093
Charitable activities 808,048 - 5,158,725 5,966,773 5,018,149
Totalexpenditure 6 808,048 8,287 8,701,646 9,517,981 8,725,242
Net
income _ before
investmentgains		 (463,045) 32,571 755,252 324,778 793,119
Netgainon investments - 99,703 256,386 356,089 358,352
Net
income/(expenditure) (463,045) 132,274 1,011,638 680,867 1,151,471
beforetransfers
Transfersbetweenfunds (168,644) (35,821) 204,465 - :
Netmovementinfunds (631,689) 96,453 1,216,103 680,867 1,151,471
Reconciliation of funds:
pofundsat1January 10,964,989 1,295,109 16,510,396 28,770,494 —«-27,619,023
Totalfundsat31
December 2024		 17° —-10,333,300 1,391,562 17,726,499 29,451,361 28,770,494

All activities relate to continuing operations. The surplus for the year for Companies Act purposes is equivalent to the net movement in funds above.

The notes on pages 17 to 37 form part of these financial statements.

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The Tank Museum Limited (A company limited by guarantee)

Consolidated Balance Sheet

As at 31 December 2024

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a
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 11 17,667,759 17,571,603
Investments 12 5,954,013 6,009,475
23,621,772 23,581,078
Current assets
Stocks 14 476,077 423,174
Debtors 15 331,704 423,607
Current asset investments 12 1,187,669 1,129,903
Cash at bank and in hand 4,668,284 3,932,156
6,663,734 5,908,840
Amounts falling due within one year 16 (834,145) (719,424)
Netcurrent assets 5,829,589 5,189,416
Total assets less current liabilities 29,451,361 28,770,494
Represented by:
Designated funds 17 12,141,761 11,803,906
Restricted funds 17 10,333,300 10,964,989
Endowment funds 17 1,391,562 1,295,109
Unrestricted funds 17 5,584,738 4,706,490
Total funds 29,451,361 28,770,494
The financial statements were approved by the trustees on JS,ofUae 203-5 and signed on their behalf by:
Sir William Rollo brclean (tl,
The notes on pages 17 to 37 form part ofthese financial statements.
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ee

The Tank Museum Limited (A company limited by guarantee)

Charity Balance Sheet For the year ended 31 December 2024

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man
) 2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 11 17,667,759 17,571,603
Investments 12 5,954,015 6,009,477
23,621,774 23,581,080
Current assets
Stocks 14 - -
Debtors 15 269,368 466,143
Current asset investments 12 1,187,669 1,129,903
Cash at bank and in hand 4,453,451 3,545,172
5,910,488 5,141,218
Creditors:
Amounts falling due within one year 16 (550,602) (423,618)
Net current assets 5,359,886 4,717,600
Total assets less current liabilities 28,981,660 28,298,680
Represented by:
Designated funds 17 12,141,761 11,803,906
Restricted funds 17 10,333,300 10,964,989
Endowment funds 17 1,391,562 1,295,109
Unrestricted funds 17 5,115,037 4,234,676
Total fands 28,981,660 28,298,680
The profit for the financial period dealt with in the financial statements of the parent company was £682,980
(2023: £1,163,995). As permitted by Section 408 of the Companies Act 2006, no separate profit or loss account or
statement of comprehensive income is presented in respect ofthe parent Company.
The financial statements were approved by the trustees on J fon 202S and signed on their behalfby:
Sir William Rollo Iclcas Kslco .
The notes on pages 17 to 37 fonif'part of these financial statements.
----- End of picture text -----

Page 17 a

The Tank Museum Limited

(A company limited by guarantee)

Consolidated statement of cash flows For the year ended 31 December 2024

.

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |Note|£|£| |Net cash provided by operating activities|19|1,156,993|1,627,001| |Cash flows from investing activities| |Dividends,|interest and|rents|from|investments|381,445|277,112| |Purchase of property,|plant and equipment|(1,156,095)|(858,251)| |Disposal|of investments|1,856,773|1,183,313| |Purchase|of|investments|bd|(1,502,988)|(1,463,199)| |Net cash used in investing activities|(420,865)|(861,025)| |Change|in|cash|and|cash|equivalents|in|the|736,128| |,|.| |reporting period|,|765,976| |Cash and cash equivalents|brought forward|3,932,156|3,166,180| |Cash and cash equivalents carried forward|20|4 668,284|~|3932,156|

----- End of picture text -----

The notes on pages 17 to 37 form part of these financial statements.

Page 18

The Tank Museum Limited (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2024

1 Accounting policies

The Tank Museum Limited is a company limited by guarantee incorporated in England and Wales. The registered office is Bovington Camp, Wareham, Dorset BH20 6]JG.

1.1 Basis of preparation of financial statements

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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Tank Museum Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated ona line by line basis.

1.2 Company status

The Charity is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

1.3 Incoming resources

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, of whena distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services or facilities are recognised when; the Charity has control over the item, any conditions associated with the donated item have been met, the receipt ofeconomic benefit from the use of the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised. Refer to the Trustees’ Report for more information about their contribution.

The Trustees have decided to recognise the financial contribution of the Ministry of Defence as a gift in kind to the Charity as a realistic estimate can be obtained.

Page 19

The Tank Museum Limited (A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

1 Accounting policies (continued)

On receipt, the donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in the expenditure in the period of receipt.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.4 Resources expended

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Cost of generating funds are costs associated with attracting voluntary income.

Charitable expenditure and basis of allocation of costs comprises those costs incurred by the Charity in the delivery of its activities and services to enable the Charity to meet its charitable aims and objectives. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Staff costs and overhead expenses are allocated to activities on the basis of employee numbers.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include audit fees and costs linked to the strategic management of the Charity.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

1.5 Going concern

The financial statements have been prepared on the basis that the Charity is a going concern. The Trustees consider that there are no material uncertainties on the charity's ability to continue its activities for the foreseeable future. They have approved a detailed income and expenditure budget for 2025 and it will be able to meet its obligations and have sufficient time to mitigate against any unforeseen circumstances.

1.6 Tangible fixed assets and depreciation

The museum operates a £500 de minimus value on fixed asset additions, amounts lower than this limit are fully expensed in the year of purchase.

Page 20

The Tank Museum Limited (A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

a

1Accounting policies (continued)

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Displays 10 - 33% straight line Furniture, fittings and equipment 10 - 20% straight line Buildings Over the remaining term of the lease & 10 - 33% straight line

Heritage assets

The majority ofthe tank collection has been received by donation to the museum. These are considered to be heritage assets under the terms of the Statement of Recommended Practice and consequently no value is placed on either the asset or the donation. The management policy in respect of heritage assets is summarised in note 11.

1.7 Investments

Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Investments in subsidiaries are valued at cost less provision for impairment.

1.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stock.

1.9 Pensions

The group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the group to the fund in respect of the year.

The group also operated a defined benefit pension scheme in the year. Contributions are charged in the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. The scheme is a multi-employer scheme.

a

Page 21

The Tank Museum Limited

(A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

1 Accounting policies (continued)

1.10 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount paid net of any trade discounts due.

1.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.12 Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.13 Financial Instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments.are initially recognised at transaction price and are subsequently measured at amortised cost using the effective interest method. Financial assets and financial liabilities classified as receivable or payable within one year are not amortised.

114 Fund accounting

Funds held by the Charity are:

Unrestricted general funds - these are funds which can be used in accordance with the charitable projects at the discretion of the trustees.

Designated funds — these are funds set aside by the Trustees out of the unrestricted general funds for specific purposes or projects.

Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment funds - these are funds received over the years from the investment portfolio where the capital received needs to be retained for the long term. The income derived from the fund can be used to fund exhibitions an the balance of the fund will become expendable in 2037.

Further explanation of the nature and purpose of each fund is included in the notes to the accounts.

1.15 Taxation Asa charity, The Tank Museum benefits from various exemptions from taxation afforded by tax legislation and is therefore not liable for corporation tax on income or gains falling within those exemptions.

Page 22

The Tank Museum Limited (A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

2 Donations, legacies and grants

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Restricted|Unrestricted|Total|Restricted|Unrestricted|Total| |funds|funds 2024|funds|funds|funds 2023|funds| |2024|2024|2023|2023| |£|£|£|£|£|£| |Donations|109,131|397,872|507,003|150,888|383,539|534,427| |Legacies|72,024|-|72,024|-|21,293|21,293| |Grants|163,848|141,448|305,296|161,382|141,516|302,898| |Gifts|in|kind|-|1,020,132|1,020,132|-|986,050|986,050| |Total|345,003|1,559,452|1,904,455|312,270|1,532,398|1,844,668| |activities| |Total|funds|Total|funds| |2024|2023| |£|£| |Charity trading income| |Turnover|3,713,658|3,821,030| |3,713,658|3,821,030| |Fundraising trading expenses| |Cost of sales|1,954,808|2,076,793| |Administrative expenses|198,444|294,229| |Salaries and overheads|1,091,721|984,203| |3,244,973|3,355,225| |Net income from trading activities|468,685|465,805|

----- End of picture text -----

3 Trading activities

The subsidiary also received investment income of £5,143 (2023: £4,994) which is included in note 4.

On the face of the consolidated statement of financial activities all income is recognised within commercial trading operations and all expenditure is recognised within cost of generating funds, after removal of intercompany consolidation transactions.

The net income figure above is before any distribution of profits to the parent Charity.

Page 23

The Tank Museum Limited

(A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

4 Investment income

----- Start of picture text -----
||||| |---|---|---|---| |Total|funds|Total|funds| |2024|2023| |£|£| |Dividends and|interest|381,445|277,112|

----- End of picture text -----

All of the above in both years relates to unrestricted funds.

5 Income from charitable activities

----- Start of picture text -----
|||| |---|---|---| |Total|funds|Total funds| |2024|2023| |£|£| |Primary purpose trade|3,613,714|3,334,093| |Ancillary trade|229,487|241,458| |3,843,201|3,575,551|

----- End of picture text -----

All of the above in both years relates to unrestricted funds.

Page 24

The Tank Museum Limited (A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

6 Totalexpenditure
Current year Staff
costs
(Note10)		 Other
direct
costs		 Support
costs
(Note7)		 Governance
costs		 Total
2024
Expenditureonraising
funds
Fundraising “s 45,509 42,249 - 87,758
Publicityandadvertising - 218,476 - - 218,476
Fundraisingtrading 1,038,610 2,206,363 - - 3,244,973
1,038,610 2,470,348 42,249 - 3,551,207
_
Expenditureoncharitable
activities
Primarypurposetrade 163,004 1,663,964 3,054,554 65,120 4,946,642
Intangibleexpenditure - 1,020,132 - - 1,020,132
163,004 2,684,096 3,054,554 65,120 5,966,774
Governance - 22,871 42,249 (65,120) -
1,201,614 5,177,315 3,139,052 - 9,517,981
Supportstaffcosts 2,257,528 (2,257,528)
3,459,142 881,524

Page 25

The Tank Museum Limited (A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

6
Totalexpenditure(continued)		 6
Totalexpenditure(continued)
PriorYear Staff
costs
(Note 10)		 Other
direct
costs		 Support
costs
(Note7)		 Governance
costs		 Total
2023
Expenditureonraising
funds
Fundraising
Publicityandadvertising		 -
-		 32,884
194,803		 33,890
-		 -
-		 66,774
194,803
Fundraisingtrading 1,000,702 2,354,523 - - 3,355,225
Generation ofinvestment - 90,291 - - 90,291
income
1,000,702 2,672,501 33,890 - 3,707,093
Expenditureon charitable
activities
Primarypurpose trade 64,327 1,569,764 2,344,129 53,880 4,032,100
Intangibleexpenditure - 986,049 a - 986,049
64,327 2,555,813 2,344,129 53,880 5,018,149
Governance - 19,990 33,890 (53,880) -
1,065,029 5,248,304 2,411,909 - 8,725,242
Supportstaffcosts 1,907,698 (1,907,698)
2,972,727 504,211
7
Supportcosts
Currentyear Costsofgenerating Governance Primary Total2024
voluntaryincome purpose
£ £ £ £
Staffrelated costs 2,194 2,194 215,059 219,447
Othercosts 7,678 7,678 646,721 662,077
Wagesandsalaries 27,289 27,289 1,694,143 1,748,721
National insurance 2,493 2,493 244,340 249,326
Pension cost 2,595 2,595 254,291 259,481
42,249 42,249 3,054,554 3,139,052

Page 26

The Tank Museum Limited (A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

7 Support costs (continued)

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Prior Year|Costs of|generating|Governance|Primary|Total 2023| |voluntary income|purpose| |£|£|£|£| |Staff related|costs|1,630|1,630|159,732|162,992| |Other costs|4,274|4,274|332,672|341,220| |Wages and salaries|24,355|24,355|1,495,845|1,544,555| |National insurance|2,058|2,058|201,712|205,828| |Pension|cost|1,573|1,573|154,168|157,314| |33,890|33,890|2,344,129|2,411,909|

----- End of picture text -----

The support costs allocation has been based on employee numbers.

8 Turnover

All turnover arose in the United Kingdom.

9 Net incoming resources

This is stated after charging:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2024|2023| |£|£| |Depreciation|of tangible fixed|assets:| |- owned by the charitable group|1,059,939|971,008| |Auditor’s|remuneration|- audit|20,225|19,250| |-|non|audit services|7,000|5,100| |Stock provision|5,000|10,042|

----- End of picture text -----

During the year, no trustees received any remuneration (2023: £nil)

2 trustees received reimbursement of expenses amounting to £2,213 in the current year, (2023: 3 trustees, £688) relating to travel and board meeting costs.

Page 27

The Tank Museum Limited (A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

10 = Staff costs

Staffcostswere as follows: 2024 2023
£ £
Wagesand salaries 2,941,363 2,590,205
Social securitycosts 258,298 216,661
Otherpension costs 259,481 165,861
3,459,142 2,972,727

The average monthly number of employees was 121 (2023: 126) and the average monthly number of employees during the year expressed as full time equivalents was as follows (including casual and part-time staff):

2024 2023
Number Number
Museum staff 104 98
Administration staff 1 1
105 99

Four employees received remuneration amounting to more than £60,000 (2023: two). Key management personnel of 8 employees (2023: 7) received remuneration and benefits totalling £616,292 (2023: £416,410).

Page 28

The Tank Museum Limited (A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

11 Tangible fixed assets

Assetsin Furniture
thecourseof fittings&
Buildings construction Displays equipment Total
Group £ £ £ £ £
Cost
1 January2024 21,615,500 102,565 3,613,471 3,592,422 28,923,958
Additions 497,988 272,502 106,487 279,118 1,156,095
Disposals - - - (156,398) (156,398)
Transfers - (17,769) 17,769 - -
31 December2024 22,113,488 357,298 3,737,727 3,715,142 29,923,655
Depreciation
1January2024 6,510,564 - 2,913,882 1,927,909 11,352,355
Charge fortheyear 519,635 - 344,028 196,276 1,059,939
On disposals - - - (156,398) (156,398)
31 December2024 7,030,199 - 3,257,910 1,967,787 12,255,896
Netbookvalue
31 December2024 15,083,289 357,298 479,817 1,747,355 17,667,759
31December2023 15,104,936 102,565 699,589 1,664,513 17,571,603

The museum occupies land and buildings owned by the MOD. As noted in the accounting policies, the Ministry of Defence also provides support in the form of utilities and maintenance of the buildings.

Heritage assets

Heritage assets have not been capitalised in the current or previous period. The heritage assets consist of the Museum’s collections both on and off display. They include some three hundred tanks and armoured fighting vehicles, fifty-seven thousand documents, ten thousand books, five thousand images and thirty-two thousand other artefacts. The whole of the collection has been “Designated” as of national importance by the Museums, Libraries and Archives Council. As an accredited Museum, we have accreditation documentation which governs our collecting, disposal and conversation strategies and policies. This was rewritten in 2023 and has been resubmitted and agreed as meeting the required standards. The trustees have seen and signed off on this process through the collection committee.

Page 29

Notes to the financial statements (continued) For the year ended 31 December 2024

The Tank Museum Limited (A company limited by guarantee)

a

11 Tangible fixed assets (continued)

The table below details the heritage assets in the course of being catalogued and the progress to date.

Total2024 Total 2023 Total 2023
Number Number
Documents<60%completed 64,012 63,410
Journals 4,453 2,616
Maps/technicaldrawings 9,046 4,314
Photographsand andimages 260,000 264,310
Total 337,511 334,650
Catalogued heritageassets
2024 Net 2023 2022 2021 2020
movement
Number Number Number Number Number Number
Vehicles, trailers, 409 - 409 408 384 378
turrets etc.
Audiovisual 5,421 (17) 5,438 5,390 5,071 4,960
Books 10,336 67 10,269 10,934 10,797 10,292
Equipment 5,413 133 5,280 5,295 5,250 5,068
Art/silver
Flags		 861
475		 11
5		 850
470		 863
482		 857
477		 830
460
Medals
Memorabilia
Models
Uniforms
Weapons		 3,682
3,311
1,072
7,801
1,071		 55
98
4
242
7		 3,627
3,213
1,068
7,559
1,064		 3,797
3,277
1,059
7,398
1,052		 3,713
3,232
1,112
7,849
1,159		 3,192
2,979
1,046
7,077
955
Photographs, Images 1,335 5 1,330 715 152 36
Total 41,187 610 40,577 40,670 40,053 37,273

The heritage assets have been excluded from the balance sheet due to the significant costs that would be involved in the valuation, which are onerous compared with the additional benefit that would be derived by users of the accounts in assessing the trustees’ stewardship of the accounts.

The standards of museum ethics regarding disposal to which The Tank Museum have subscribed as part of being an Accredited Museum do not allow the organisation to dispose of collection items primarily for financial reasons, and objects for disposal must first be offered to other accredited museums free of charge.

Page 30

The Tank Museum Limited

(A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

12 ~‘Fixed asset investments

----- Start of picture text -----
||||| |---|---|---|---| |Listed| |Securities| |Group and Charity|£| |Market value| |At|1 January 2024|7,139,378| |Additions|1,502,988| |Disposals|(1,856,773)| |Gain|on|investments|356,089| |At 31|December 2024|7,141,682|

----- End of picture text -----

The above market value at 31 December 2024 represents investments held as short term of £1,187,669 (2023: £1,129,903) and long term of £5,954,013 (2023: £6,009,475).

The historical cost at 31 December 2024 was £6,377,348 (2023: £6,748,637).

All of the listed securities relate to investment assets held in the UK.

In addition, the Charity holds two £1 shares in its subsidiary undertaking.

13 ~—~Principal subsidiariesPrincipal subsidiaries subsidiaries

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |~—~Principal subsidiariesPrincipal subsidiaries subsidiaries|;| |Name of|undertaking|Registered|office|Class of|share held|%|Capital&|Profitor| |Held|reserves|(loss)| |The Tank Museum Trading|Bovington|Camp,|Ordinary|100.00|469,703|468,685| |Company Limited|Wareham,|Dorset,| |(registered|no. 02236998)|BH206JG|

----- End of picture text -----

The activity of the above company includes that of retailing souvenirs and books and operating the trading of the museum.

14 Stocks

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Group|Charity| |2024|2023|2024|2023| |£|£|£|£| |Finished goods and goods|for resale|476,077|423,174|-|-|

----- End of picture text -----

Page 31

The Tank Museum Limited (A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

15 Debtors

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Group|Charity| |2024|2023|2024|2023| |£|£|£|£| |Trade|debtors|39,405|66,232|17,876|38,734| |Amounts due from subsidiary|-|-|-|153,129| |Other debtors|19,974|29,620|19,974|19,697| |Prepayments and accrued income|272,325|327,755|231,518|254,583| |.|331,704|423,607|269,368|466,143|’| |Creditors: Amounts Amounts|falling due within one year due within one year within one year one year year| |Group|Charity| |2024|2023|2024|2023| |£|£|£|£| |Trade|creditors|281,703|267,796|95,400|88,241| |Amounts owed|to subsidiary|-|-|50,055|-| |Other taxation|and social|security|48,365|30,943|39,459|28,332| |Other creditors|100,654|106,067|100,083|103,857| |Accruals|and|deferred|income|403,423|314,618|265,605|203,188| |834,145|719,424|550,602|423,618|

----- End of picture text -----

16 Creditors: Amounts Amounts falling due within one year due within one year within one year one year year

Income is deferred on ticket sales in advance for various event days, including TankFest and Tiger Day. Income deferred in the year was £174,731 (2023: £148,426). All income deferred from 2023 was released in 2024.

Page 32

The Tank Museum Limited

(A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

17 Statement of funds

Movementoffundsforthe Movementoffundsforthe theyear
At1 Incoming Resources Transfers Gains/(losses) At31
Current
year		 January
2024		 resources expended in/(out) on
investments		 December
2024
£ £ £ £ £ £
Designated
funds
Fixed assets 4,464,686 - (136,759) 500,000 - 4,827,927
Vehicle store 2,000,000 - - - - 2,000,000
Vehicle - - (52,437) 52,437 - -
restoration
2054fund 4,209,317 99,573 (25,584) (380,000) 222,858 4,126,164
General
resource 1,129,903 31,320 (7,081) - 33,528 1,187,670
11,803,906 130,893 (221,861) 172,437 256,386 12,141,761
General
funds
Reserves 4,706,490 9,326,005 (8,479,785) 32,028 - 5,584,738
Total unrestricted
funds 16,510,396 9,456,898 (8,701,646) 204,465 256,386 17,726,499
Restricted
funds
Buildings
Exhibitions		 10,013,750
748,279		 30,844
60,000		 (337,473)
(236,050)		 -
(122,113)		 -
-		 9,707,121
450,116
Revenue 202,960 254,159 (234,525) (46,531) - 176,063
10,964,989 345,003 (808,048) (168,644) - 10,333,300
Endowment
funds 1,295,109 40,858 (8,287) (35,821) 99,703 1,391,562
Totalfunds —28,770,494 9,842,759 (9,517,981) - 356,089 29,451,361

a

Page 33

.

The Tank Museum Limited

(A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

17 Statementof offunds (continued) offunds (continued)
PriorYear At
1January		 Incoming
resources		 Resources
expended		 Transfers
in/(out)		 Gains/(losses)
on		 At31
December
2023 investments 2023
£ £ £ £ £ £
Designated
funds
Fixed assets 4,601,910 - (137,224) - - 4,464,686
Vehicle 1,000,000 - - 1,000,000 - 2,000,000
store
2054fund 3,483,806 79,924 (19,019) 411,620 252,986 4,209,317
General
resource 1,077,930 28,649 (5,602) - 28,926 1,129,903
10,163,646 108,573 (161,845) 1,411,620 281,912 11,803,906
General
funds
Reserves 4,914,563 9,069,233 (7,857,186) (1,420,120) - 4,706,490
Total unrestricted
funds 15,078,209 9,177,806 (8,019,031) (8,500) 281,912 16,510,396
Restricted
funds
Buildings
Exhibitions		 10,331,966
856,704		 15,768
75,323		 (333,984)
(218,526)		 -
34,778		 -
-		 10,013,750
748,279
Revenue 120,449 221,179 (147,168) 8,500 - 202,960
11,309,119 312,270 (699,678) 43,278 : 10,964,989
Endowment
funds 1,231,695 28,285 (6,533) (34,778) 76,440 1,295,109
Totalfunds —_27,619,023 9,518,361 (8,725,242) - 358,352 28,770,494

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The Tank Museum Limited (A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

17 Statement of funds (continued)

Fund descriptions

Designated fund

Fixed Assets-The fixed asset designated fund was set up to reflect those assets held by the Charity vital to its continuing objects. At the year-end assets with a net book value of £4,827,927 (2023: £4,464,686) relating to completed capital projects have been derestricted and have been transferred into this reserve.

Vehicle restoration - The Vehicle Restoration designated fund income relates to the sales proceeds from the sale ofa heritage asset. In line with Museum regulations the funds will only be used to fund further exhibitions.

2054 fund is a long-term fund to support the ongoing running of the Museum if the lease with the MOD is not renewed by 2054.

General resource fund is a fund to support future building improvements and vehicle restoration.

Restricted Funds

Buildings represent our “At Close Quarters” Phase 2 Main Museum redevelopment and our Conservation Workshop building.

Exhibition funds are funds to fund our ongoing exhibitions.

Revenue funds are the Vehicle Restoration fund and the Charles Burnett III Fund for the restoration of British and Foreign vehicles.

Endowment Funds relate to the HLF Catalyst Endowment Fund. This constitutes an endowment fund which will become expendable in 2037. The income derived from the fund can be used to fund exhibitions.

18 Analysis of net assets between funds

Fund balances at 31 December 2024 are represented by:

Restricted
funds2024		 Endowment
funds2024		 Unrestricted
funds		 Totalfunds
2024
2024
£ £ £ £
Tangible fixed assets 9,997,002 - 7,670,757 17,667,759
Fixed assetinvestments - 1,391,562 4,562,451 5,954,013
Current assetinvestments - - 1,187,669 1,187,669
Currentassets 336,298 - 5,139,767 5,476,065
Creditorsduewithinoneyear : - (834,145) (834,145)
Total 10,333,300 1,391,562 17,726,499 29,451,361

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The Tank Museum Limited (A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

18 Analysis of net assets between funds (continued)

Fund balances as at 31 December 2023 are represented by:

Restricted
funds2023		 Endowment
funds2023		 Unrestricted
funds		 Totalfunds
2023
2023
£ £ £ £
Tangible fixedassets 10,658,708 - 6,912,895 17,571,603
Fixed assetinvestments - 1,295,109 4,714,366 6,009,475
Currentassetinvestments - - 1,129,903 1,129,903
Currentassets 306,281 - 4,472,656 4,778,937
Creditorsduewithinoneyear : - (719,424) (719,424)
Total 10,964,989 1,295,109 16,510,396 28,770,494
19 Reconciliation ofnetmovementinfunds tonetcash flowfromoperatingactivities
2024 2023
£ £
Netincomefortheyear(asperStatementofFinancialActivities) Activities) 680,867 1,151,471
Adjustmentfor:
Depreciation charges 1,059,939 971,008
Losson disposal offixed assets - -
Non-cash fixed assetaccrual - 116,451
Gainsoninvestments (356,089) (358,352)
Dividends, interestand rents from investments (381,445) (277,112)
(Increase)/decrease instocks (52,903) 28,081
Decrease in debtors 91,903 31,341
Increase/(decrease) increditors 114,721 (35,887)
Netcashprovidedbyoperatingactivities ~~ 1,156,993 ~~ 4,627,001
20 Analysisofchangesinnetdebt
Currentyear Balanceat Other Balanceat
1January non-cash 31December
2024 Cash flows changes 2024
£ £ £ £
Cash inhand 3,932,156 736,128 - 4,668,284
3,932,156 736,128 4,668,284

19 Reconciliation of net movement in funds to net cash flow from operating activities

a

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The Tank Museum Limited (A company limited by guarantee)

Notes to the financial statements (continued) For the year ended 31 December 2024

20 =Analysis of changes in net debt (continued)

PriorYear Balanceat Other Balanceat
1January non-cash 31December
2023 Cashflows changes 2023
£ £ £ £
Cash inhand 3,166,180 765,976 - 3,932,156
3,166,180 765,976 - 3,932,156

21 Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted of £216,806 (2023: £165,861). Contributions totalling £nil (2023: Enil) were payable to the fund at the balance sheet date and are included in creditors.

22 Indemnity insurance

Indemnity insurance for the trustees has been taken out giving £3 million of cover at a cost of £1,746 (2023: ' £2,992).

23 ___— Related party transactions

During the year, William Bannister, a trustee, donated £19,421 (2023: £11,907) to the Charity. Further donations of £19,838 were received from related parties (2023: £18,175).

24 Capital commitments

The Charity had capital commitments of £111,726 at the year end in relation to ongoing building projects (2023: £nil).

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