REGISTERED COMPANY NUMBER: 05314773 {England and Wales) REGISTERED CHARITY NUMBER: 1108039 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2025 for THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Richardson Swift Chartered Accountants 11 Laura Place Bath BA2 4BL
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Contents of the Financial Statements for the year ended 31 March 2025 Page Reference and Administralive Details Report of the Trustees Independent Examinerfs Report Consolidated Statement of Financial Activities Consolidated Balance Sheet Charity Balance Sheet Consolidated Cash Flow Statement Notes to the Consolidated Cash Flow Statement 12 Notes to the Financial Statements 13 to 22
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Reference and Administrative Details for the year ended 31 March 2025 TRUSTEES MSPBerry JREColes J D A Gaselee HSJScott R J Spiller C A Lockhart (appointed 27.11.24) B Rogers COMPANY SECRETARY R R D Griffin REGISTERED OFFICE Headquarters Household Cavalry Horse Guards Whitehall London SW1A 2AX REGISTERED COMPANY NUMBER 05314773 (England and Wales) REGISTERED CHARITY NUMBER 1108039 INDEPENDENT EXAMINER Richardson Swift Chartered Accountants 11 Laura Place Bath BA2 4BL SOLICITORS Stone King LLP 13 Queen Square Bath BA12HJ BANKERS National Westminster Bank plc Windsor and Eton Branch 12 High Street Windsor Berkshire SL4 1LQ Lloyds Bank plc Coxs & Kings branch 1 Legg Street Chelmsford Essex CM1 1JS Page 1
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Report of the Trustees for the year ended 31 March 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006. present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Scope The financial statements consolidate the financial statements of The Household Cavalry Museum Trust Limited with those of its wholly owned subsidiary, The Household Cavalry Museum Enterprises Limited, for the year ended 31 March 2025. Introduction and background The Household Cavalry Museum used to be situated at Combermere Barracks in Windsor and housed the Regimental Collection. In 2000. a prime site became available at the Horse Guards building in Whitehall. central London, for the Household Cavalry to create a purpose built, modern showcase museum that would not only tell the story of the Household Cavalry through its collections but also afford public access for the first time to one of the most important Grade I listed buildings in the Capital. The Museum opened to the public on 9 July 2007 and provides the visitor with a living experience whereby they are able to observe the mounted and dismounted Household Cavalrymen on duty at Horse Guards. The visitor is also able to see the daily changing of the Queen's Life Guard on Horse Guards parade ground directly adjacent to the Museum's entrance and gain access to a working stables from where they can see behind the scenes of public duty. The day-to-day operation of the Museum is the responsibility of the charity's wholly owned subsidiary, The Household Cavalry Museum Enterprises Limited, a company registered in England and Wales (Company Registration No 05844779). As part of the original development project, refurbishment at the Windsor site was completed in July 2008. Since April 2009. it has become the focus for school visits and formal education. It houses the reserve collection and is the centre for historical and genealogical research. The Household Cavalry Museum Trust Limited is the charitable company through which the fundraising and preseNation, management and restoration of the Regimental Collection are accounted for. Objectives and activities The charitable company's objects are to educate the public and members of the Household Cavalry in the Regiment's history, heritage, traditions and military accomplishments. These objects are achieved through the preservation, maintenance and management of the regimenlal collection. Activities are conducted through the operation of a Museum at Horse Guards in London and also through the housing of a reserve collection in an education and research establishment in Combermere Barracks, Windsor. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's objectives and aims and in planning future activities. Page 2
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Report of the Trustees for the year ended 31 March 2025 Financial review Results for the year A summary of the group's results for the year is given in the consolidated statement of financial activities on page 6 of this annual report and financial statements. Income for the year totalled £418,632 {2024: £397,578). Donations and similar income amounting to £39,196 (2024: £41,674) were received during the year and included £24,728 (2024: £23,663) received from the Ministry of Defence towards staff costs. Income from trading activities was £379.436 (2024: £355,904) for the year. There were no grants received from the Arts Council Cultural Recovery Fund in 2025. Expenditure totalled £470.014 (2024: £409,998) and included trading costs of £332,072 {2024- £271,014), costs of raising donations of £2,100 (2024.. £2.100). and costs in relation to the preservation and maintenance of the regimental collection (including depreciation) of £135.842 (2024: £136.884) and govemance costs of £5.343 (2024.. £8,445). The net reduction in funds for the year was £51,382 (2024: £12.420). Financial position At 31 March 2025, the group had total funds of £2.558.339 (2024: £2,609,721 }. These funds comprised tangible fixed assets of £2.270,586. Ministry of Defence restricted funds of £433. a retained surplus in the trading subsidiary of £17.123 and general funds of £270,197. Page 3
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Report of the Trustees for the year ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Reserves policy It is the trustees. intention to build sufficient reseNes through fundraising initiatives in order to meet existing liabilities as they fall due and to enable the continued development of the charity's educational activities. The trustees have agreed that free reserves should approximate to £200.000. At 31 March 2025. the group's free reserves were £273.934. which is in line with the reserves policy. Governance, structure and management Governance The Household Cavalry Museum Trust Limited was incorporated as a company limited by guarantee (Company Registration Number 05314773 (England and Wales)) on 16 December 2004. The company is governed by its memorandum and articles of association. It registered as a charity with the Charity Commission for England and Wales on 10 February 2005 (Charity Registration Number 1108039). The charitable company remained dormant until 28 March 2006 when The Household Cavalry Regimental Collection Trust (formerly Charity Registration Number 274185) transferred its net assels (excluding the regimental collection) and its activities (including preservation. management and restoration of the regimental collection and the appeal for funds for the Horse Guards development) to the charitable company. This transfer was in accordance with a legal transfer of undertakings. On 18 April 2006, The Household Cavalry Regimental Collection Trust became a subsidiary of the charitable company. With effect from that date. the Charity Registration Number of The Household Cavalry Regimental Collection Trust was amended to 1108039-1. This charity is the charitable trust in which the regimental collection is held. The trustees of both The Household Cavalry Museum Regimental Collection Trust and The Household Cavalry Museum Trust Limited are identical. Trustees The names of the trustees of the charitable company who were in office during the year or at the time these financial statements were approved are set out below- TrusteeslDirectors JREColes J D A Gaselee R J Spiller B E Rogers MSPBerry HSJScott C A Lockhart AppointedlResigned Appointed 2711112024 Induction and training of trustees All trustees receive induction on joining the Board so that they are equipped to carry out their role. In order to keep Board members informed aboul the charity's on-going work, the Board receives reports from senior staff members as required. Subsidiary company The Household Cavalry Museum Trust Limited fully owns The Household Cavalry Museum Enterprises Limited (Company Registration Number 05844779 (England and Wales), which has an issued share capital of £1. The company was formed to carry out the day-to-day operation of the Household Cavalry Museum. It commenced trading on 1 July 2007. Report of the trustees, incorpoSfljg9282gtrategic report, approved by order of the board of trustees. as the company directors, on . and signed on the board's behalf by: J D A Gaselee- Trustee Page 4
Independent Examiner's Report to the Trustees of The Household Cavalry Museum Trust Limited Independent examiner's report to the trustees of The Household Cavalry Museum Trust Limited ('the Company.) report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charily's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145{5} (b) of the 2011 Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or the accounts do not accord with those records- or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Catherine Edwards Bsc ACA Richardson Swift Chartered Accountants 11 Laura Place Bath BA2 4BL Date: 211Ji/2S Page 5
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Consolidated Statement of Financial Activities for the year ended 31 March 2025 2025 Total funds 2024 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 14,468 24,728 39,196 41,674 Other trading activities Investment income 379.436 379,436 355.904 Total 393,904 24.728 418,632 397,578 EXPENDITURE ON Raising funds Raising donations and legacies other trading activilies 2,100 332,072 2,100 332.072 2,100 271,014 334,172 334,172 273.114 Charitable activities Preservation and maintenance of the regimental collection 111.547 24,295 135.842 136,884 Total 445,719 24,295 470,014 409.998 NET INCOMEI(EXPENDITURE) (51.815) 433 (51.382) (12,420) RECONCILIATION OF FUNDS Total funds brought forward 2,609,721 2.609,721 2,622,141 TOTAL FUNDS CARRIED FORWARD 2,557.906 433 2,558,339 2,609,721 The notes form part of these financial statements Page 6
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Consolidated Balance Sheet 31 March 2025 2025 Total funds 2024 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets Investments 11 2,283,972 2,283.972 2,352.036 2,283.972 2.283.972 2.352,036 CURRENT ASSETS Stocks Debtors Cash at bank 12 13 16,474 18.379 286.855 16,474 18,379 287,288 15,757 6,812 278,205 433 321,708 433 322.141 300,774 CREDITORS Amounts falling due within one year 14 (47,774) {47,774) (43,089) NET CURRENT ASSETS 273,934 433 274,367 257,685 TOTAL ASSETS LESS CURRENT LIABILITIES 2,557,906 433 2,558,339 2.609,721 NET ASSETS 2.557.906 433 2.558,339 2.609,721 FUNDS Unrestricted funds: General fund Non-charitable trading funds Tangible fixed assets fund 15 270,197 17,123 2.270,586 276,462 (18,7771 2.352.036 2,557,906 2,609,721 Restricted funds 433 TOTAL FUNDS 2,558,339 2,609,721 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to oblain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibiSities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of ils surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relaling to financial statements. so far as applicable to the charitable company.
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Consolidated Balance Sheet - continued 31 March 2025 The £lliiFJ81 statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by- J D A Gaselee- Trustee
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Charity Balance Sheet 31 March 2025 2025 Unrestricted funds 2024 Total funds Notes FIXED ASSETS Tangible assets Investments 2,270,585 2,352,035 2,270,586 2,352,036 CURRENT ASSETS Debtors Cash at bank 189,074 90,193 210,726 78,391 279,267 289.117 CREDITORS Amounts falling due within one year (8.638) (12,655) NET CURRENT ASSETS 270,629 276,462 TOTAL ASSETS LESS CURRENT LIABILITIES 2,541.215 2.628.498 NET ASSETS 2.541,215 2,628.498 FUNDS Unrestricted funds: General fund Tangible fixed asset fund 10 270.630 2,270,585 276,462 2,352,036 2,541,215 2,628.498 TOTAL FUNDS 2,541,215 2,628,498 The charitable company is enlitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for Ihe year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. (b) THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED
Charity Balance Sheet - continued 31 March 2025 The fiwfp&&s8tements were approved by the Board of Trustees and authorised for issue on. and were signed on its behalf by: J D A Gaselee- Trustee 10
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Consolidated Cash Flow Statement for the year ended 31 March 2025 2025 2024 Notes Cash flows from operating activities Cash generated from operations 24,518 78,869 Net cash provided by operating activities 24,518 78,869 Cash flows from investing activities Purchase of tangible fixed assets 15.435) Net cash (used in)Iprovided by investing activities 15,435) Change In cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 9,083 78,869 278.205 199.336 Cash and cash equivalents at the end of the reporting period 287,288 278,205
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Notes to the Consolidated Cash Flow Statement for the year ended 31 March 2025 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Increase in stocks (Increase)Idecrease in debtors Increase in creditors (51,382) {12,420) 83.499 (717) (11.566) 4,684 86,058 {182) 3,160 2.253 Net cash provided by operations 24.518 78.869 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank 278,205 9,083 287.288 278,205 9,083 287.288 Total 278.205 9,083 287,288 12
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Notes to Ihe Financial Statements for the year ended 31 March 2025 ACCOUNTING POLICIES Basis of preparing the financial statements These financial statements have been prepared for the year lo 31 March 2025 with comparative information provided in respect to Ihe year to 31 March 2024. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded to the nearest pound. Going concern To be confirmed Preparation of consolidated financial statements The statement of financial activities, balance sheet and the statement of cash flows consolidates the assets, liabilities, income and expenditure of the charity and its wholly-owned subsidiary undertaking, The Household Cavalry Museum Enterprises Limited. for the year ended 31 March 2025. The results of the subsidiary undertaking are.consolidated on a line by line basis. Critical accounting judgements and key sources of estimation uncertainty Preparation of the financial statements requires the trustees and management to make significant judgements and estimates. The items in the financial statements where these judgements and eslimates have been made include: Estimating the useful economic life of tangible fixed assets for the purpose of determining the annual depreciation charge. Estimating the provision needed. if only. for slow moving or obsolete stock., and Estimating future income and expenditure flows for the purpose of assessing going concern. Income Income is recognised in the period in which the group and charity has entitlement to the income. the amount of income can be measured reliably and it is probable that the income will be received. Income comprises donations and income from trading activities. Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received. the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Donated services and 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 facilities or services of equivalent economic benefit on the open market. 13
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Notes to the Financial Statements - continued for the year ended 31 March 2025 ACCOUNTING POLICIES - continued Income In accordance with the Charities SORP FRS 102. volunteer time is not recognised. Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy. and any conditions attached to the legacy are within the control of the charity. 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 to the charity that a distribution will be made, or 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 executorfs intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate. but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity. Turnover generated by The Household Cavalry Museum Enterprises Limited comprises of income from ticket sales, shop sales. events and room hire. It is measured at the fair value of the consideration received or receivable. excluding discounts. rebates. value added tax and other sales taxes. Grants from bodies are credited to income when the company is entitled to receipt, the amount receivable can be quantified and receipt is probable. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the group and charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows.. Expenditure on raising funds includes all expenditure associated with raising funds for the group and charity. This includes costs associated with fundraising and the costs of trading activities including the operating costs of The Household Cavalry Museum Enterprises Limited inc5uding the operating costs of Ihe Household Cavalry Museum Enterprises Limited. Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include: Preservation and maintenance of the Regimental Collection including improvement of its accessibility to members of the public, other individuals and organisations: Donations made to other charities specifically to enable them to assist family members of Household Cavalry soldiers killed or wounded in recent conflicts. Charitable donations comprise single year payments rather than multi-year grants. Donations are included in the statement of financial activities when approved for payment by the trustees. Provision is made for donations approved but unpaid at the period end. Governance costs comprising the cost5 involving the public accountability of the charity (including audit costs) and Gosts in respect to its compliance with regulation and good practice are allocated to the cost of preserving and maintaining the Regimental ColleGtion. All expenditure is stated inclusive of irrecoverable VAT. 14
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Notes to the Financial Statements - continued for the year ended 31 March 2025 ACCOUNTING POLICIES - continued Tangible fixed assets All assets costing over £1.000 and with an expected useful life exceeding one year are capitalised. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life as follows: Building improvements 20/0 Straight line Museum fixtures and fittings Over 4. 5 or 15 years straight line according to asset's useful life Equipment 250/0 Straight line Heritage assets The Regimental Collection comprises an extensive library and unique artefacts including produced textiles such as standards and banners. silverware. weaponry, paintings, musical instruments. horse furniture and ceremonial and operational uniforms, all of which form part of the heritage of the Household Cavalry and the nation generally. One of the principal objectives of the charity is to preserve such assets for the enjoyment of future generations. As such, the assets meet the definition of heritage assets in the Charities SORP FRS 102 and are not valued for the purposes of these financial statements. It is not possible to place any meaningful valuation on the collection for the purposes of these financial statements and details of specific items are not given for security reasons. Stocks Stock of items for resale in the museum shop is stated at the lower of cost and net realisable value with provision made against any obsolete or slow moving items. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds represent monies which are freely available for application towards achieving any charitable purpose that falls within the charity's charitable objects. Non-charitable trading funds represent the accumulated surplus or deficit of the subsidiary trading company, The Household Cavalry Museum Enterprises Limited. The tangible fixed asset fund represents the net book value of the improvements to land and buildings occupied by the group and other tangible fixed assets attributable to the charitable company. Such assets are vital to the group being able to carry out its work and the value invested in the assets cannot. therefore. be realised in order to meet future expenditure or liabilities. To emphasise this point. the net book value of the assets is represented by a specific tangible fixed asset fund on the balance sheet. Pension Costs and other post-retirement benefits The charitable company operates a defsned contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Investments Investment in the subsidiary company is valued at cost. Debtors 15
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Notes to the Financial Statements - continued for the year ended 31 March 2025 ACCOUNTING POLICIES - continued Debtors are recognised at their settlement amount. less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Creditors and provisions Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditor5 and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. DONATIONS AND LEGACIES 2025 2024 Donations Gift aid Research & Visitor Fees Ministry of Defence (MOD) funding for staff posts 9,136 697 4.635 24.728 14.425 674 2.912 23,663 39,196 41.674 £24,728 (2024 - £23,663) of the income above was attributable to restricted funds and £14.468 (2024 £18.011) attributable to unrestricted funds. Throughout the year. volunteers give their time to assist the operations of the Museum. The charity is grateful to these individuals for their enthusiasm and support. In accordance with the Charities SORP FRS 102, the economic contribution of these volunteers is not recognised. OTHER TRADING ACTIVITIES 2025 2024 Ticket Income Shop Sales Events Income Other Income 219.180 120,011 39,745 500 210,336 105,000 40,468 100 379,436 355.904 16
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Notes to the Financial Statements - continued for the year ended 31 March 2025 RAISING DONATIONS AND LEGACIES 2025 2024 Consultancy fees and reimbursed expenses 2.100 2,100 OTHER TRADING ACTIVITIES 2025 2024 Cost of shop sales Administrative expenses 62.065 270.007 49,281 221.733 332,072 271,014 PRESERVATION AND MAINTENANCE OF THE REGIMENTAL COLLECTION 2025 2024 Salaries and related costs Other preservation and maintenance costs Depreciation on tangible fixed assets Governance cost 24,295 23.660 82,544 5.343 25.875 16,510 86,054 8,445 135,842 136,884 £24.295 (2024 - £23,663) of the expenditure above was attributable to restricted funds and £111,547 (2024 - £113.221) attributable to unrestricted funds. NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting)- 2025 2024 Depreciation - owned assets Staff Gosts 83,499 227.001 86,058 200.327 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no trustees. expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. 17
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Notes to the Financial Statements - continued for the year ended 31 March 2025 STAFF COSTS 2025 2024 Wages and salaries Social security costs other pension costs 206.268 14,814 5,919 184,027 11,320 4.980 227,001 200,327 The average monthly number of employees during the year was as follows: 2025 2024 Employees Employees (funded by MOD) One employee had emoluments during the year in excess of £60,000 (2024.. Nil). The trustees consider that they comprise the key management personnel of the charity in charge of controlling, running and operating it on a day to day basis. None of the trustees received any remuneration from the charity or the group. The directors consider that they together with the Museum Director and Deputy Visitor Services Manager comprise the key management personnel of the company in charge of directing and controlling, running and operating the company on a day to day basis. The total remuneration paid to key management personnel during the year was £118.962 (2024: £98,139). 10. FIXED ASSET INVESTMENTS Inv. in subsidiary CHARITY COST OR VALUATION At 1 April 2024 At 31 March 2025 The charity owns the entire issued ordinary share capital of £1 in The Household Cavalry Museum Enterprises Limited a company registered in England and Wales (Company Registration Number 05844779). The subsidiary carries out commercial activities, namely the day-to-day operation of the Household Cavalry Museum. All activities have been consolidated on a line-by-line basis in the statement of financial activities. 18
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Notes to the Financial Statements - continued for the year ended 31 March 2025 11. TANGIBLE FIXED ASSETS Museum Fixtures & Fittings Combermere Barracks Horse Guards Group Equipment Totals COST At 1 April 2024 Additions 385,220 3,134,268 124,236 14,342 703.720 1.093 4,347.444 15,435 At 31 March 2025 385,220 3,134,268 138,578 704,813 4,362.879 DEPRECIATION At 1 April 2024 Charge for year 122,770 7,704 1.065,334 62,683 115,212 9,980 692,092 3,132 1,995,408 83,499 At 31 March 2025 130,474 1,128,017 125,192 695,224 2.078,907 NET BOOK VALUE At 31 March 2025 254.746 2,006,251 13,386 9,589 2.283,972 At 31 March 2024 262,450 2,068,934 9.024 11.628 2.352.036 Museum fixtures & fittings Combermere Barracks Horse Guard Charity Equipment Totals COST At 1 April 2024 Additions 385,219 3,134.268 50,681 703,720 1,093 4.273,888 1.093 At 31 March 2025 385.219 3,134.268 50.681 704.813 4.274.981 DEPRECIATION At 1 April 2024 Charge for year 122.770 7.704 1,065,334 62,683 41.657 9,024 692.092 3,132 1,921,853 82,543 At 31 March 2025 130,474 1.128,017 50,681 695,224 2,004,396 NET BOOK VALUE At 31 March 2025 254,745 2.006.251 9,589 2,270,585 At 31 March 2024 262,449 2,068,934 9,024 11,628 2.352,035 Heritage assets As explained under principal accounting policies, heritage assets comprise the regimental collection. This collection includes an extensive library and unique artefacts including produced textiles such as standards and banners. silverware, weaponry, paintings. musical instruments, horse furniture and ceremonial and operational uniforms. It is not possible to place any meaningful valuation on the collection for the purposes of these financial statements. Details of specific items are not given for security reasons. 19
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Notes to the Financial Statements - continued for the year ended 31 March 2025 12. STOCKS Group 2025 Group 2024 Charity Charity 2025 2024 Finished goods and goods for resale 16.474 15.757 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 Group Charity Charity 2024 2025 2024 Amounts receivable within one year Trade debtors Social security and taxation Prepayments and accrued income Amount due from subsidiary undertaking 10,543 385 7,451 2,826 837 3,149 385 1.006 47.683 837 1,009 48.880 18,379 6,812 49,074 50.726 Group 2025 Group Charity Charity 2024 2025 2024 Amounts receivable after more than one year Amount due from subsidiary undertaking 140,000 160,000 140,000 160,000 The charity has a loan agreement with its subsidiary. providing a maximum loan facility of £200,000. The loan is to be applied solely for the purposes of trading to generate income for the charity and for assisting the charity to advance its charitable purposes. The loan is repayable by ten equal annual instalments and attracts interest at 2°/0 per annum above the Bank Rate of the Bank of England. 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 Group Charity Charity 2024 2025 2024 Trade creditors Accruals and deferred income Social security and taxation 11,735 19,745 16.294 7,101 21,267 14,721 226 8.412 2.868 9,788 47,774 43,089 8,638 12,656 20
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Notes to the Financial Statements - continued for the year ended 31 March 2025 15. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.25 At 1.4.24 Unrestricted funds General fund Non-charitable trading funds Tangible fixed assets fund 276,461 {18,776} 2.352.036 (5,171) 35,899 82,543) (1,093) 270.197 17.123 2,270,586 1,093 2,609.721 (51,815) 2.557,906 Restricted funds Ministry of Defence (MOD) 433 433 TOTAL FUNDS 2,609,721 51,382) 2,558,339 Net movement in funds. included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Non-charitable trading funds Tangible fixed assets fund 25,932 367.972 (31.103) (332.073) 82.543) {5,171) 35,899 393,904 {445.719) (51,815) Restricted funds Ministry of Defence (MOD) 24.728 (24,295) 433 TOTAL FUNDS 418.632 470,014) 51.382) Comparatives for movement in funds Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund Non-charitable trading funds Tangible fixed assets fund 274,673 (90.626) 2.438.094 1.789 71.849 86,058) 276,462 (18.777) 2,352,036 2,622,141 12,420 2,609,721 TOTAL FUNDS 2,622,141 12,420) 2.609.721 21
THE HOUSEHOLD CAVALRY MUSEUM TRUST LIMITED Notes lo the Financial Statements - continued for the year ended 31 March 2025 15. MOVEMENT IN FUNDS - continued Comparative nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund Non-charitable trading funds Tangible fixed assets fund 31,055 342.860 {29,266) (271,011) 86,058) 1,789 71,849 86.058) 373,915 (386,335) (12.420) Restricted funds Ministry of Defence (MOD) 23.663 (23.663) TOTAL FUNDS 397,578 409,998) 12,420) The tangible fixed assets fund represents the book value of the tangible fixed assets held by the group and charity respectively. A decision was made to separate this fund from the general funds of the group and charity in recognition of the fact that the assets are essential to the day to day work of the group and charity and as such their value should not be regarded as funds that would be available with ease in order to meet future contingencies. 16. TRANSACTIONS WITH CONNECTED CHARITIES AND OTHER RELATED PARTIES The group is connected to The Household Cavalry Foundation. a registered charity, Charity Registration Number 08236363. by virtue of the fact that Ihe Household Cavalry Museum Trust Limited and its subsidiary both have directors in common with The Household Cavalry Foundation. 22