**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 2025**
**The Tank Museum Limited (A company limited by guarantee)**
## **Legal and administrative information For the year ended 31 December 2025**
||**Page**|
|---|---|
|Legal and administrative information|1|
|Trustees’ report|2-9|
|Independent auditors’ report|10-13|
|Consolidated statement of financial activities|14|
|Consolidated balance sheet|15|
|Charity balance sheet|16|
|Consolidated statement of cash flows|17|
|Notes to the financial statements|18-35|
**The Tank Museum Limited (A company limited by guarantee)**
**Legal and administrative information For the year ended 31 December 2025**
|**Trustees**|Mr William Bannister|||
|---|---|---|---|
||Mr David Webb|||
||Mr William Suttie|||
||Ms Kate Adie, OBE DL|||
||Mr Anthony Woodhouse|||
||Mrs Yun Sun Choi|||
||Ms Andrea Bishop|||
||Col Nicholas Serle|||
||Mr Scott Milne|||
||Lieutenant General Sir William Rollo (Chairman)|||
||Ms Rachel Roberts (Appointed 4 September 2025)|||
||Brigadier Simon Ridgway (Appointed 11 December 2025)|||
||Major General Martin Rutledge (Resigned 26 October 2025)|||
||Brigadier James Thompson (Resigned 11 December 2025)|||
||Mr Nicholas Fernyhough|||
||Col Matthew Wilkinson|||
|**Secretary**|Paul Dolan|||
|**Company registered number**04962619||||
|**Charity Commission**||||
|**registration number**|1102661|||
|**Registered office**|Bovington Camp|||
||Wareham|||
||Dorset|||
||BH20 6JG|||
|**Chief Executive Officer**|Chris Price|||
|**Auditors**|Saffery LLP|||
||Midland House|||
||2 Poole Road|||
||Bournemouth|||
||BH2 5QY|||
|**Investment advisers**|Rathbones Investment|**Bankers**|Barclays|
||Management||Tagus House|
||Port of Liverpool Building||Southampton|
||Pier Head||Hampshire|
||L3 1NW||SO14 2ZP|
Page 1
**The Tank Museum Limited (A company limited by guarantee)**
## **Trustees’ Report For the year ended 31 December 2025**
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 2025. 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:
- To educate the public in the history of armoured warfare;
- To hold together the traditions of the Royal Armoured Corps and the Royal Tank Regiment and to perpetuate their deeds by the provision and maintenance of a museum;
- To preserve, for the benefit of the public, vehicles, documents and other exhibits and artefacts which are of historical importance in the study of armoured warfare.
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**
- Collecting - We hold the world’s most important collection of armoured fighting vehicles and associated objects. We continue to enhance our collection to maintain this position;
- Conservation - We conserve our collections to ensure their availability for future generations;
- Communication - We use our collections to tell the story of tanks and the people who serve with them. We tell these stories at the Museum to the Army, the general public and to a global online audience.
In delivering our activities we seek to:
- Have a sound financial base and business culture to ensure the museum is sustainable and thrives;
- Control risk to ensure the longevity of the organisation;
- Maximise access, intellectual and physical, for all;
- Interpret the story of armoured warfare to meet audience needs in an enjoyable and engaging way;
- Be a leading authority on the history of armoured warfare;
- Consult and encourage involvement of the wider community in the life of the museum;
- Provide a safe and secure working environment and to promote the professional development of staff and volunteers
Page 2
**The Tank Museum Limited (A company limited by guarantee)**
**Trustees’ Report (continued) For the year ended 31 December 2025**
## **Ensuring our work delivers our aims**
Every twelve months, the board of trustees reviews our aims, objectives and activities in our 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 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 2025, 219,792 people visited the Museum (2024: 221,183).
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 pass. During winter months, up to 21% 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. In 2026 we are looking to review our pricing and ensure we are as accessible as possible to multiple groups.
## **Review of activities**
Another hot and dry summer (4[th] in a row) meant that our visitor numbers did not reach their full potential, but when it did rain, we were busy. If we had experienced a couple more rainy days in July or August, we would have achieved our best year on record. TankFest and both Tiger Days reached sell-out crowds, and despite international visitors still falling below 2019 levels, we sold out TankFest 2 months before the event.
With 60% of visitors now booking online, we increased the discount to 15% in 2024 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-ofliving crisis, we are still seen as exceptional value for money, with an annual pass as standard. It also must be noted that out of season our core visitor (the tank enthusiast) is very often paying the higher on the day price.
Our ALVA (Association of Leading Visitor Attractions) value for money statistics are 11% above average. While 2025 marked the first year since 2016 without a new exhibition, it featured numerous smaller exhibition upgrades as we dismantled the Afghanistan exhibition and in 2025 we launched our new Ukraine exhibition.
Online shop sales have remained strong and increased by 11% on 2024 with 40,941 orders during the year taking £1.2 million in net sales.
The main YouTube Channel growth has continued and has been reaching record audiences, with over 2.5 million people watching our content each month and 1.4 million subscribers. We have launched a second channel, which will be focused on the workshop and King Tiger Restoration process, we expect this to take off more during 2026.
Page 3
**The Tank Museum Limited (A company limited by guarantee)**
**Trustees’ Report (continued) For the year ended 31 December 2025**
Staff turnover in general has been low, and new roles have been added to the curatorial services to strengthen the core charitable objectives.
## **The Tank Museum Trading Company**
This is the Museum’s trading company, whose accounts are incorporated into the consolidated accounts, which provided a donation of £468,685 (2024: £470,798) to the Charity.
## **Remuneration and key management personnel**
The trustees consider the board of trustees, the Chief Executive Officer, the Company Secretary (who is also the Director of Finance), the Chief Operating Officer, the Director of Marketing and Engagement, the Director of Visitor Experience and Commercial, the Director of Curatorial Services to be 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. 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:
- **The Resource Fund.** This fund provides adequate capital to principally finance short-term (within 5 years) capital expenditure. This fund is maintained on a Lower - Medium Risk Profile.
- **The 2054 and HLF Catalyst Endowment Funds.** The former is a long-term fund to ensure there is a capital sum accumulated by 2054 to generate sufficient income to match the support currently provided by the MoD in our lease, should that not be renewed. The latter fund seeks to support our ongoing exhibition plans, as required by the HLF restriction, in 2037 this fund will merge with the 2054 Fund. The portfolio is maintained on a Medium - High Risk Profile.
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 attends in person or online.
Both Funds performed well in 2025 with both funds exceeding their targeted Benchmarks, being Resource Fund CPI+2%, 2054 Fund CPI +4%.
Page 4
**The Tank Museum Limited (A company limited by guarantee)**
**Trustees’ Report (continued) For the year ended 31 December 2025**
## **Financial Review**
2025 was a successful year but more challenging from a cost perspective. 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 £184,986 (2024: £755,252) before investment gains of £349,155 (2024: gains £356,089). Total funds generated in 2025 were a gain of £362,452 (2024: gain of £680,867).
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 £7,365,626 (2024: £7,141,682). 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 £5,362,593 (2024: £4,668,284), which is used to finance the day to day running, and the current building projects of the museum and working capital. We are completing a capital build in 2026 to the Archive, which will cost around £1.5 million.
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. The support from the MoD takes the form of paying for services to support the upkeep and operations of buildings, and a number of noncash items such as depreciation and cost of capital. It does have to be commented on however that the level of maintenance as a landlord has dropped significantly in the past 2 years.
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 and 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:
- To provide an adequate Operating Reserve of cash and near cash instruments to protect Museum operations in the event of unforeseen circumstances.
- To provide a Short-Term Reserve of invested funds to provide adequate liquidity, largely for major capital expenditure requirements.
- To provide a Long-Term Reserve of invested funds to ensure business continuity if MoD support for the ongoing running of the Museum is withdrawn because the 50-year lease is not renewed on its expiry in 2054, and to support further development of the Museum’s exhibits in the meantime.
## **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 £1.6 million. The Reserve is held as Cash or in Near Cash Instruments.
Page 5
**The Tank Museum Limited (A company limited by guarantee)**
**Trustees’ Report (continued) For the year ended 31 December 2025**
## **The Short-Term Reserve**
Known as the Resource Fund, it operates to provide capital for financing short term (within 5 years) major capital expenditure, if the opportunity or need arises. 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 2054 Fund.** This aims to ensure that a capital sum is accumulated by 2054 to generate sufficient income to match the support currently provided by the MoD, should their lease not be renewed at that point. The Fund will normally receive additional capital on an annual basis and withdrawals are not anticipated before 2054 unless particular difficulties or opportunities arise. This is a Designated fund.
- **The HLF Catalyst Endowment Fund** . This Fund, provided by the HLF with matched funding from the Museum, has two purposes. First, to generate circa £30k of annual income to support ongoing exhibitions until 2037. Second, to preserve the capital until the HLF restriction is released in 2037 when this fund will merge with the 2054 Fund. This is a Restricted fund until 2037.
The total reserves at the year end were £29,813,813 (2024: £29,451,361) represented by: Restricted Funds £10,173,428 (2024: £10,333,300), Endowment Funds £1,450,546 (2024: £1,391,562), Designated Funds £12,606,356 (2024: £12,141,761) and Unrestricted Funds £5,583,483 (2024: £5,584,738).
Free Reserves are calculated as Unrestricted Funds £5,583,483 (2024: £5,584,738) less functional assets of the charity which represent a commitment of £2,567,066 (2024: £2,448,212), leaving a Free Reserve level of £3,016,417 (2024: £3,078,206).
The Trustees feel there is sufficient headroom to both meet our operating reserve criteria and commence a capital expenditure program in 2026 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) We will improve collection care
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. The organisation has also confirmed plans to spend a significant legacy and our own funds to upgrade the reading room and general facilities in the Archive. The Richard Ogorkiewicz reading room has had planning permission agreed and work will start in 2026.
## 2) We will 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
Page 6
**The Tank Museum Limited (A company limited by guarantee)**
**Trustees’ Report (continued) For the year ended 31 December 2025**
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) We will 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.
Other plans include:
- Continuing restoration projects including our headline King Tiger project to which there is a restricted fund.
- Investing in the museums core function through infrastructure improvement, (the new archive building) and increased staffing levels within the core museum activities
- Monetising our increased investment in our core functions by furthering fundraising efforts to offset the cost associated with doing so, primarily exhibition renewal
- Working with the Defence Infrastructure Organisation and the MOD to establish security of tenue through a new lease
## **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
- Volunteers' 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 on request.
## **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.
Page 7
**The Tank Museum Limited (A company limited by guarantee)**
**Trustees’ Report (continued) For the year ended 31 December 2025**
## **Method of appointment or election of trustees**
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 remuneration committee looks at the pay of senior managers, CEO and charity wide increases due to inflation etc once a year as standard.
## **Policies adopted for the induction and training of trustees**
All new trustees are required to undertake an induction programme to give them a 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 CEO manages the day-to-day operations. The CEO 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 CEO in 2024.
3 of our biggest risks and key mitigations are below:
- Dorset Tourism Weakens – The tourism market in Dorset has been strong for a number of years, but if it were to weaken this would prove a knock on in terms of visitor numbers and secondary spend which of course is discretionary. As a mitigation to this The Museum has been building its national and international reach for many years and the online income generation is now 20% of the organisations income which makes us less dependent on Dorset Tourism.
- Long Term Vehicle collection degradation – The condition of our collections is a long-term risk as without them we do not have a charity. Our facilities and skills base are under constant review. This risk is measured in decades, not months, but has to be thought about every day.
- World War 2 hall Roof – The MoD have a responsibility to maintain the building in good and substantial repair as the landlord. The roof is currently in a state of disrepair and senior managers are working with the MoD closely to ensure that the building repair happens in a timely manner and is not forgotten about.
- These are 3 of the major risks taken from the risk register which was updated in December 2025.
Page 8
# 11 June 2026
**The Tank Museum Limited (A company limited by guarantee)**
## **Auditor’s Report**
## **For the year ended 31 December 2025**
## **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 2025 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:
- give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 December 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 of the 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.
Page 10
**The Tank Museum Limited (A company limited by guarantee)**
## **Auditor’s Report For the year ended 31 December 2025**
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:
- the information given in the Trustees’ Annual Report which includes the Directors’ Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- 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 of the 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:
- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **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 of assurance, 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 11
**The Tank Museum Limited (A company limited by guarantee)**
**Auditor’s Report For the year ended 31 December 2025**
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 and guidance issued by the Charity Commission for England and Wales.
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 of journal 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.
Page 12
**The Tank Museum Limited (A company limited by guarantee)**
## **Auditor’s Report**
## **For the year ended 31 December 2025**
## **Use of our report**
This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Casidhe Baleri (Senior Statutory Auditor) for and on behalf of Saffery LLP
Statutory Auditors Midland House 2 Poole Road Bournemouth Dorset BH2 5QY
> Date: 15 June 2026
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 13
**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 2025**
|**Note**
**Income from:**
Donations, legacies and
grants
**2**
Other trading activities
**3**
Investments
**4**
Charitable activities
**5**
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**6**
**Net**
**income/(expenditure)**
**before investment gains**
Net gain on investments
**Net**
**income/(expenditure)**
**before transfers**
**Transfers between funds**
**Net movement in funds**
**Reconciliation of funds:**
Total funds at 1 January
2025
**Total funds at 31**
**December 2025**
**17**|**Restricted**
**Funds**
**2025**
**£**
549,182
-
-
-
549,182
-
743,446
743,446
(194,264)
-
(194,264)
34,392
(159,872)
10,333,300
10,173,428|**Endowment**
**Funds 2025**
**£**
-
-
27,883
-
27,883
5,308
-
5,308
22,575
73,305
95,880
(36,896)
58,984
1,391,562
1,450,546|**Unrestricted**
**Funds**
**2025**
**£**
1,493,580
4,289,986
353,911
4,091,359
10,228,836
4,359,810
5,684,040
10,043,850
184,986
275,850
460,836
2,504
463,340
17,726,499
18,189,839|**Total**
**Funds 2025**
**£**
2,042,762
4,289,986
381,794
4,091,359
10,805,901
4,365,118
6,427,486
10,792,604
13,297
349,155
362,452
-
362,452
29,451,361
29,813,813|**Total Funds**
**2024**
**As restated**
**£**
1,904,455
3,974,132
386,588
3,843,201|
|---|---|---|---|---|---|
||||||10,108,376|
||||||3,816,825
5,966,773|
||||||9,783,598|
||||||324,778
356,089|
||||||680,867|
||||||-|
||||||680,867|
||||||28,770,494|
||||||29,451,361|
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 18 to 35 form part of these financial statements.
Page 14
**----- Start of picture text -----**
11 June 2026
**----- End of picture text -----**
# 11 June 2026
**The Tank Museum Limited (A company limited by guarantee)**
## **Consolidated statement of cash flows For the year ended 31 December 2025**
|**Note**
**Net cash provided by operating activities**
**19**
**Cash flows from investing activities**
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Disposal of investments
Purchase of investments
**Net cash used in investing activities**
**Change in cash and cash equivalents in the**
**reporting period**
Cash and cash equivalents brought forward
**Cash and cash equivalents carried forward**
**20**|**2025**
**£**
835,150
381,794
(647,846)
504,201
(378,990)
(140,841)
694,309
4,668,284
5,362,593|**2024**
**£**
**As restated**
1,151,850|
|---|---|---|
|||386,588
(1,156,095)
1,856,773
(1,502,988)|
|||(415,722)|
|||736,128
3,932,156|
|||4,668,284|
The notes on pages 18 to 35 form part of these financial statements.
Page 17
**The Tank Museum Limited (A company limited by guarantee)**
**Notes to the financial statements For the year ended 31 December 2025**
## **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 6JG.
## **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 on a 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 when a 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 of economic 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 18
**The Tank Museum Limited (A company limited by guarantee)**
**Notes to the financial statements (continued) For the year ended 31 December 2025**
## **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 2026 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 minimis value on fixed asset additions, amounts lower than this limit are fully expensed in the year of purchase.
Page 19
**The Tank Museum Limited (A company limited by guarantee)**
**Notes to the financial statements (continued) For the year ended 31 December 2025**
## **1 Accounting 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
Freehold land is not depreciated. The carrying value of land is reviewed for impairment at each reporting date and any impairment loss is recognised in the statement of financial activities if applicable.
## **Heritage assets**
The majority of the 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.
## **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.
Page 20
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
## **1 Accounting policies (continued)**
## **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.
## **1.14 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 and 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**
As a 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.
## **1.16 Restatement of the prior year**
Prior period comparatives have been restated to reflect the correction of classification errors identified during the current year.
Postage and packaging income, which was previously netted within cost of sales, has been reclassified and included within income. In addition, bank interest receivable, previously included within trading income, has been reclassified to investment income.
These reclassifications do not affect the reported surplus or total funds for the year, but have been made to improve the presentation and consistency of income and expenditure with the Group’s accounting policies.
||**As previously reported £**|**Adjustment £**|**Restated £**|
|---|---|---|---|
|Income from other trading activities|3,713,658|+260,474|3,974,132|
|Income from investments|381,445|+5,143|386,588|
|Expenditure on raising funds|3,551,208|+265,617|3,816,825|
Page 21
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
## **2 Donations, legacies and grants**
|Donations
Legacies
Grants
Gifts in kind
Total|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds 2025**
**Total**
**funds**
**2025**
**£**
**£**
**£**
370,673
409,752
780,425
-
-
-
178,509
21,028
199,537
-
1,062,800
1,062,800
549,182
1,493,580
2,042,762|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds 2024**
**Total**
**funds**
**2024**
**£**
**£**
**£**
109,131
397,872
507,003
72,024
-
72,024
163,848
141,448
305,296
-
1,020,132
1,020,132|
|---|---|---|
|||345,003
1,559,452
1,904,455|
## **3 Trading activities**
|**Charity trading income**
Turnover
**Fundraising trading expenses**
Cost of sales
Administrative expenses
Salaries and overheads
Net income from trading activities|**Total funds**
**2025**
**£**
4,289,986
2,213,243
157,271
1,488,277
3,858,791
431,195|**Total funds**
**2024**
**As restated**
**£**
3,974,132|
|---|---|---|
|||2,229,166
189,703
1,091,721|
|||3,510,590|
|||463,542|
The subsidiary also received investment income of £5,111 (2024: £5,143) 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.
## **4 Investment income**
||**Total funds**|**Total funds**|
|---|---|---|
||**2025**|**2024**|
|||**As restated**|
||**£**|**£**|
|Dividends and interest|381,794|386,588|
Of the above, £353,911 relates to unrestricted funds (2024: £345,730) and £27,883 relates to endowment funds (2024: £40,858)
Page 22
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
## **5 Income from charitable activities**
|Primary purpose trade
Ancillary trade|**Total funds**
**2025**
**£**
3,879,771
211,588
4,091,359|**Total funds**
**2024**
**£**
3,613,714
229,487|
|---|---|---|
|||3,843,201|
All of the above in both years relates to unrestricted funds.
## **6 Total expenditure**
|**Current year**
**Expenditure on raising**
**funds**
Fundraising
Publicity and advertising
Fundraising trading
**Expenditure on**
**charitable activities**
Primary purpose trade
Intangible expenditure
Governance
Support staff costs|**Staff costs**
**(Note 10)**
**£**
-
-
1,172,969
1,172,969
209,909
-
209,909
-
1,382,878
2,701,350
4,084,228|**Other**
**direct**
**costs**
**£**
57,831
405,991
2,685,825
3,149,647
1,814,667
1,062,800
2,877,467
24,425
6,051,539|**Support**
**costs**
**(Note 7)**
**£**
48,465
-
-
48,465
3,261,257
-
3,261,257
48,465
3,358,187
(2,701,350)
656,837|**Governance**
**costs**
**£**
-
-
-
-
72,890
-
72,890
(72,890)
-|**Total**
**2025**
**£**
106,296
405,991
3,858,794|
|---|---|---|---|---|---|
||||||4,371,081|
||||||5,358,723
1,062,800|
||||||6,421,523|
||||||-|
||||||10,792,604|
|||||||
Page 23
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
|**6**
**Total expenditure (continued)**
**_Prior Year_**
**_As restated_**
**Staff**
**costs**
**(Note 10)**
**£**
**Other**
**direct**
**costs**
**£**
**Support**
**costs**
**(Note 7)**
**£**
**Expenditure on raising**
**funds**
Fundraising
-
45,509
42,249
Publicity and advertising
-
218,476
-
Fundraising trading
1,038,610
2,471,980
-
1,038,610
2,735,965
42,249
**Expenditure on charitable**
**activities**
Primary purpose trade
163,004
1,663,964
3,054,554
Intangible expenditure
-
1,020,132
-
163,004
2,684,096
3,054,554
Governance
-
22,871
42,249
1,201,614
5,442,932
3,139,052
Support staff costs
2,257,528
(2,257,528)
3,459,142
881,524
**7**
**Support costs**
**Current year**
**Costs of generating**
**voluntary income**
**Governance**
**£**
**£**
Staff related costs
1,711
1,711
Other costs
8,010
8,010
Wages and salaries
32,415
32,415
National insurance
3,681
3,681
Pension cost
2,648
2,648
48,465
48,465|**6**
**Total expenditure (continued)**
**_Prior Year_**
**_As restated_**
**Staff**
**costs**
**(Note 10)**
**£**
**Other**
**direct**
**costs**
**£**
**Support**
**costs**
**(Note 7)**
**£**
**Expenditure on raising**
**funds**
Fundraising
-
45,509
42,249
Publicity and advertising
-
218,476
-
Fundraising trading
1,038,610
2,471,980
-
1,038,610
2,735,965
42,249
**Expenditure on charitable**
**activities**
Primary purpose trade
163,004
1,663,964
3,054,554
Intangible expenditure
-
1,020,132
-
163,004
2,684,096
3,054,554
Governance
-
22,871
42,249
1,201,614
5,442,932
3,139,052
Support staff costs
2,257,528
(2,257,528)
3,459,142
881,524
**7**
**Support costs**
**Current year**
**Costs of generating**
**voluntary income**
**Governance**
**£**
**£**
Staff related costs
1,711
1,711
Other costs
8,010
8,010
Wages and salaries
32,415
32,415
National insurance
3,681
3,681
Pension cost
2,648
2,648
48,465
48,465|**Governance**
**costs**
**£**
**Total**
**2024**
**£**
-
87,758
-
218,476
-
3,510,590
-
3,816,824
65,120
4,946,642
-
1,020,132
65,120
5,966,774
(65,120)
-
-
9,783,598
**Primary**
**purpose**
**Total 2025**
**£**
**£**
167,671
171,093
469,724
485,744
2,003,696
2,068,526
360,707
368,069
259,459
264,755
3,261,257
3,358,187|**Total**
**2024**
**£**
87,758
218,476
3,510,590|
|---|---|---|---|
||||3,816,824|
||||4,946,642
1,020,132|
||||5,966,774|
||||-|
||||9,783,598|
|||**Primary**
**purpose**
**£**
167,671
469,724
2,003,696
360,707
259,459
3,261,257||
|||||
Page 24
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
## **7 Support costs (continued)**
|**_Prior Year_**
Staff related costs
Other costs
Wages and salaries
National insurance
Pension cost|**Costs of generating**
**voluntary income**
**£**
2,194
7,678
27,289
2,493
2,595
42,249|**Governance**
**£**
2,194
7,678
27,289
2,493
2,595
42,249|**Primary**
**purpose**
**£**
215,059
646,721
1,694,143
244,340
254,291
3,054,554|**Total 2024**
**£**
219,447
662,077
1,748,721
249,326
259,481|
|---|---|---|---|---|
|||||3,139,052|
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:
|Depreciation of tangible fixed assets:
- owned by the charitable group
Auditor’s remuneration – audit
Auditor’s remuneration– non audit services
Stock provision|**2025**
**2024**
**£**
**£**
1,175,735
1,059,939
22,690
20,225
8,000
5,000
7,000
5,000|
|---|---|
During the year, no trustees received any remuneration (2024: none)
3 trustees received reimbursement of expenses amounting to £601 in the current year, (2024: 2 trustees, £2,213) relating to travel and board meeting costs.
Page 25
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
## **10 Staff costs**
|Staff costs were as follows:
Wages and salaries
Social security costs
Other pension costs|**2025**
**£**
3,451,405
368,068
264,755
4,084,228|**2024**
**£**
2,941,363
258,298
259,481
3,459,142|
|---|---|---|
The average monthly number of employees was 132 (2024: 121) and the average monthly number of employees during the year expressed as full time equivalents was as follows (including casual and part-time staff):
|Museum staff
Administration staff
The number of higher paid employees was:
In the band £70,001-£80,000
In the band £80,001-£90,000
In the band £90,001-£100,000
In the band £100,001-£110,000|**2025**
**Number**
109
1
110
**2025**
**Number**
1
1
-
1
3|**2024**
**Number**
104
1|
|---|---|---|
|||105|
|||**2024**
**Number**
2
1
1
-|
|||4|
Key management personnel of 6 employees (2024: 8) received remuneration and benefits totalling £538,161 (2024: £616,292).
Page 26
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
|**11**
**Tangible fixed assets**
**Group**
**Cost**
1 January 2025
Additions
Disposals
Transfers
31 December 2025
**Depreciation**
1 January 2025
Charge for the year
On disposals
31 December 2025
**Net book value**
31 December 2025
31 December 2024|**Land and**
**Buildings**
**£**
22,113,488
99,843
(3,587)
(377,954)
21,831,790
7,030,199
525,164
-
7,555,363
14,276,427
15,083,289|**Assets in**
**the course of**
**construction**
**£**
357,298
232,520
-
20,904
610,722
-
-
-
-
610,722
357,298|**Displays**
**£**
3,737,727
5,960
(152,580)
302,923
3,894,030
3,257,910
358,172
(152,552)
3,463,530
430,500
479,817|**Furniture**
**fittings &**
**equipment**
**£**
3,715,142
309,523
(19,917)
54,127
4,058,875
1,967,787
292,399
(19,917)
2,240,269
1,818,606
1,747,355|**Total**
**£**
29,923,655
647,846
(176,084)
-|
|---|---|---|---|---|---|
||||||30,395,417|
||||||12,255,896
1,175,735
(172,469)|
||||||13,259,162|
||||||17,136,255|
||||||17,667,759|
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 conservation 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 27
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
## **11 Tangible fixed assets (continued)**
The table below details the heritage assets in the course of being catalogued and the progress to date.
||**Total 2025**|**Total 2024**|
|---|---|---|
||**Number**|**Number**|
|Documents <60% completed|64,671|64,012|
|Journals|-|2,614|
|Maps/technical drawings|-|4,453|
|Photographs and images|250,000|260,000|
|Total|314,671|331,079|
Journals and Maps/technical drawings above have now been catalogued and are recorded as such in the breakdown below.
## **Catalogued heritage assets**
|||**2025**|**Net**|**2024**|**2023**|**2022**|**2021**|
|---|---|---|---|---|---|---|---|
||||**movement**|||||
|||**Number**|**Number**|**Number**|**Number**|**Number**|**Number**|
|Vehicles,|trailers,|407|(2)|409|409|408|384|
|turrets etc.||||||||
|Audio visual||5,419|(2)|5,421|5,438|5,390|5,071|
|Books||10,259|(77)|10,336|10,269|10,934|10,797|
|Equipment||5,418|5|5,413|5,280|5,295|5,250|
|Art/silver||863|2|861|850|863|857|
|Flags||485|10|475|470|482|477|
|Medals||3,647|(35)|3,682|3,627|3,797|3,713|
|Memorabilia||3,311|-|3,311|3,213|3,277|3,232|
|Models||1,072|-|1,072|1,068|1,059|1,112|
|Uniforms||8,035|234|7,801|7,559|7,398|7,849|
|Weapons||1,080|9|1,071|1,064|1,052|1,159|
|Photographs,|Images|9,922|876|9,046|1,330|715|152|
|Journals||2,622|8|2,614|-|-|-|
|Maps/technical||4,686|233|4,453|-|-|-|
|drawings||||||||
|Total||57,226|1,261|55,965|40,577|40,670|40,053|
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.
During the year proceeds of £115,230 were received from the sale of heritage assets (2024: £nil).
Page 28
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
## **12 Fixed asset investments**
|**Group and Charity**
**Market value**
At 1 January 2025
Additions
Disposals
Gain on investments
At 31 December 2025|**Listed**
**Securities**
**£**
7,141,682
378,990
(504,201)
349,155|
|---|---|
||7,365,626|
The above market value at 31 December 2025 represents investments held as short term of £1,270,897 (2024: £1,187,669) and long term of £6,094,729 (2024: £5,954,013).
The historical cost at 31 December 2025 was £6,394,347 (2024: £6,377,348).
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 subsidiaries**
|**Name of undertaking**|**Registered office**|**Class of share held**|**%**|**Capital &**|**Profit or**|
|---|---|---|---|---|---|
||||**Held**|**reserves**|**(loss)**|
|The Tank Museum Trading|Bovington Camp,|Ordinary|100.00|437,324|436,306|
|Company Limited|Wareham, Dorset,|||||
|(registered no. 02236998)|BH20 6JG|||||
The activity of the above company includes that of retailing souvenirs and books and operating the trading of the museum.
## **14 Stocks**
|Finished goods and goods for resale|**Group**
**2025**
**2024**
**£**
**£**
518,617
476,077|**Charity**|
|---|---|---|
|||**2025**
**2024**
**£**
**£**
-
-|
Page 29
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
## **15 Debtors**
|Trade debtors
Amounts due from subsidiary
Other debtors
Prepayments and accrued income||**Group**
**2024**
**£**
39,405
-
19,974
272,325
331,704||**Charity**|
|---|---|---|---|---|
||**2025**
**£**
48,165
-
30,195
239,850
318,210||**2025**
**£**
10,855
60,941
30,132
148,484
250,412|**2024**
**£**
17,876
-
19,974
231,518|
|||||269,368|
## **16 Creditors: Amounts falling due within one year**
|Trade creditors
Amounts owed to subsidiary
Other taxation and social security
Other creditors
Accruals and deferred income||**Group**
**2024**
**£**
281,703
-
48,365
100,654
403,423
834,145||**Charity**|
|---|---|---|---|---|
||**2025**
**£**
286,203
-
62,896
136,574
401,815
887,488||**2025**
**£**
117,474
-
58,932
130,316
260,547
567,269|**2024**
**£**
95,400
50,055
39,459
100,083
265,605|
|||||550,602|
Income is deferred on ticket sales in advance for various event days, including TankFest and Tiger Day. Income deferred in the year was £182,117 (2024: £174,731). All income deferred from 2024 was released in 2025.
Page 30
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
## **17 Statement of funds**
|**Movement of funds for the year**
**Current**
**year**
**At 1**
**January**
**2025**
**As**
**restated**
**Incoming**
**resources**
**£**
**£**
**Designated**
**funds**
Fixed assets
4,827,927
-
Vehicle
storage
2,000,000
-
2054 fund
4,126,164
89,272
General
resource
1,187,670
36,430
12,141,761
125,702
**General**
**funds**
Reserves
5,584,738
10,103,134
**Total unrestricted**
**funds**
17,726,499
10,228,836
**Restricted**
**funds**
Buildings
9,707,797
188,344
Exhibitions
471,544
-
Revenue
153,959
360,838
10,333,300
549,182
**Endowment**
**funds**
1,391,562
27,883
**Total funds**
29,451,361
10,805,901|**Resources**
**expended**
**£**
(136,654)
-
(16,995)
(4,685)
(158,334)
(9,885,516)
(10,043,850)
(336,474)
(158,628)
(248,344)
(743,446)
(5,308)
(10,792,604)|**Transfers**
**in/(out)**
**£**
-
-
221,377
-
221,377
(218,873)
2,504
5,333
-
29,059
34,392
(36,896)
-|**Gains/**
**(losses) on**
**investments**
**£**
-
-
224,366
51,484
275,850
-
275,850
-
-
-
-
73,305
349,155|**At 31**
**December**
**2025**
**£**
4,691,273
2,000,000
4,644,184
1,270,899|
|---|---|---|---|---|
|||||12,606,356|
|||||5,583,483|
|||||18,189,839|
|||||9,565,000
312,916
295,512|
|||||10,173,428|
|||||1,450,546|
|||||29,813,813|
Page 31
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
|**17 Statement of funds (continued)**
**_Prior Year_**
**_As restated_**
**At**
**1**
**January**
**2024**
**Incoming**
**resources**
**£**
**£**
**Designated**
**funds**
Fixed assets
4,464,686
-
Vehicle
storage
2,000,000
-
-
-
2054 fund
4,209,317
99,573
General
resource
1,129,903
31,320
11,803,906
130,893
**General**
**funds**
Reserves
4,706,490
9,591,622
**Total unrestricted**
**funds**
16,510,396
9,722,515
**Restricted**
**funds**
Buildings
10,014,427
30,844
Exhibitions
819,360
60,000
Revenue
131,202
254,159
10,964,989
345,003
**Endowment**
**funds**
1,295,109
40,858
**Total funds**
28,770,494
10,108,376|**Resources**
**expended**
**£**
(136,759)
-
(52,437)
(25,584)
(7,081)
(221,861)
(8,745,402)
(8,967,263)
(337,474)
(285,703)
(184,871)
(808,048)
(8,287)
(9,783,598)|**Transfers**
**in/(out)**
**£**
500,000
-
52,437
(380,000)
-
172,437
32,028
204,465
-
(122,113)
(46,531)
(168,644)
(35,821)
-|**Gains/(losses)**
**on**
**investments**
**£**
-
-
-
222,858
33,528
256,386
-
256,386
-
-
-
-
99,703
356,089|**At 31**
**December**
**2024**
**£**
4,827,927
2,000,000
-
4,126,164
1,187,670|
|---|---|---|---|---|
|||||12,141,761|
|||||5,584,738|
|||||17,726,499|
|||||9,707,797
471,544
153,959|
|||||10,333,300|
|||||1,391,562|
|||||29,451,361|
Page 32
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
## **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 Storage** – The Vehicle Storage designated fund was set up to house our running fleet vehicles.
**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 Kind Tiger V2 and Tiger 131 restoration funds.
**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 2025 are represented by:**
|Tangible fixed assets
Fixed asset investments
Current asset investments
Current assets
Creditors due within one year
Total|**Restricted**
**funds 2025**
**£**
9,877,916
-
-
295,512
-
10,173,428|**Endowment**
**funds 2025**
**£**
-
1,450,546
-
-
-
1,450,546|**Unrestricted**
**funds**
**2025**
**£**
7,258,339
4,644,183
1,270,897
5,903,908
(887,488)
18,189,839|**Total funds**
**2025**
**£**
17,136,255
6,094,729
1,270,897
6,199,420
(887,488)|
|---|---|---|---|---|
|||||29,813,813|
**18 Analysis of net assets between funds (continued)**
Page 33
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
## **Fund balances as at 31 December 2024 are represented by:**
|Tangible fixed assets
Fixed asset investments
Current asset investments
Current assets
Creditors due within one year
Total|**Restricted**
**funds 2024**
**£**
9,997,002
-
-
336,298
-
10,333,300|**Endowment**
**funds 2024**
**£**
-
1,391,562
-
-
-
1,391,562|**Unrestricted**
**funds**
**2024**
**£**
7,670,757
4,562,451
1,187,669
5,139,767
(834,145)
17,726,499|**Total funds**
**2024**
**£**
17,667,759
5,954,013
1,187,669
5,476,065
(834,145)|
|---|---|---|---|---|
|||||29,451,361|
## **19 Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the year (as per Statement of Financial Activities)
**Adjustment for:**
Depreciation charges
Loss on disposal of fixed assets
Non-cash fixed asset accrual
Gains on investments
Dividends, interest and rents from investments
(Increase)/decrease in stocks
Decrease in debtors
Increase/(decrease) in creditors
**Net cash provided by operating activities**
**20**
**Analysis of changes in net debt**
**Current year**
**Balance at**
**1 January**
**2025**
**Cash flows**
**£**
**£**
Cash in hand
4,668,284
694,309
after 1 year
4,668,284
694,309||**2025**
**£**
362,452
1,175,735
3,615
-
(349,155)
(381,794)
(42,540)
13,494
53,343||**2024**
**£**
**As restated**
680,867
1,059,939
-
-
(356,089)
(386,588)
(52,903)
91,903
114,721|
|---|---|---|---|---|
|||835,150||1,151,850|
|||**Other**
**non-cash**
**changes**
**£**
-
-||**Balance at**
**31 December**
**2025**
**£**
5,362,593
5,362,593|
||||||
**20 Analysis of changes in net debt (continued)**
Page 34
**The Tank Museum Limited (A company limited by guarantee)**
## **Notes to the financial statements (continued) For the year ended 31 December 2025**
|**_Prior Year_**
Cash in hand|**Balance at**
**1 January**
**2024**
**£**
3,932,156
3,932,156|**Cash flows**
**£**
736,128
736,128|**Other**
**non-cash**
**changes**
**£**
-
-|**Balance at**
**31 December**
**2024**
**£**
4,668,284|
|---|---|---|---|---|
|||||4,668,284|
## **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. Contributions totalling £nil (2024: £nil) were payable to the fund at the balance sheet date due to the fact that all pension contribution due were paid by the year end date. The in year costs are shown in note 10 for reference.
## **22 Indemnity insurance**
Indemnity insurance for the trustees has been taken out giving £3 million of cover at a cost of £2,233 (2024: £1,746).
## **23 Related party transactions**
During the year, William Bannister, a trustee, donated £20,566 (2024: £19,421) to the Charity. Further donations of £29,000 were received from related parties (2024: £19,838).
## **24 Capital commitments**
The Charity had capital commitments of £98,316 at the year end in relation to ongoing building projects (2024: £111,726).
Page 35