Company re8i5tration number: 04791136 CharFty registration number: 1115452 THE FUSILIERS MUSEUM AND LEARNING CENfRE UMITED (A COMPANY UMITED BY GUARANfEE) ANNUAL REPORT AND FINANaAL sfATEMENTS 30 SEPTEMBER 2023 Horsfield & Smith Chartered Accountants & Statutory Auditor Tower House 269 Walmersley Road Bury Lancashire BL9 6NX THE FUSIUERS MUSEUM AND LEARNING CEKfRE LIMITED CONTENTS Reference and Administrative Detai15 St￿te81¢ Report Trustees, Report 3to6 Independent Auditors, Report 7tolO Statement of Financial Activities Ilto12 Balance Sheet 13 Statement of Cash Hows 14 Notes to the Financial Ststements 15to32 THE FUSILIERS MUSEUM AND LEARNING CENTRE UMITED REFERENCE AND ADMINISTRATIVE DEfAILS Colonel {Retired) Brian M Gorski M8E DL MSC Colonel (Retired) James W Denny MBE Ms Kiri AGO Lieutenant Colonel lain M Hallam Lieutenant Colonel {Retired) Keith Kkldie (Re$￿Tred 30 April 20241 Mrs Karan P Lee Mrsjoanne A Marsh Mr Peter Metcalfe FCA Major RKhard M Smith Mr John Harwood Charfty Reglstratlon Number 1115452 Company Regtstratlon Number 04791136 The charity is incorpordted in England. The Fusilier Musewn Moss Street Bury BL9 ODF Prin¢ipal 0￿1 Audltor Horsfield & Smith Chartered Accountants & Statutory ALKlitor Tower House 269 Walmer* Road Bury Lancashire BL9 6NX Bankers Barclays Bank PIC I Central Street The Rock Bury Lancashi BL9 OJN THE FUSILIERS MUSEUM AND LEARNING CENTRE UMrrED STRATEGIC REPORT YEAR ENDED 30 SEPTEMBER 2023 The trustees, who are dirertors for the purposes of company law. present their strategic ￿pOrt for the year ended 30 September 2023, in compliance with s414C of the compan￿ Act 2(￿. FiMn¢ial review Income and endowments have increased significantly in the year to 30 September 2023 compared to the p￿viouS year, rising from £227,771 in the year to 30 September 2022 to £299,481 in the year to 30 September 2023. Thi5 ha5 resulted in a surplus for the current year of £106.721 compared to a deficit of £2,(NJ6 in the prewous year. We continue to be supported on an annual basls by both Bury MBC and the Royal Regiment of Fuslliers. At the year end the Balance Sheet shows a healthy pxftion with net Cuf￿nt assets of £338,392 The museum continues to hold £150k in reserve. This reserve, in the opinion of the tn￿ee5, is required to bridge the gap between expenditure and income to cover unplanned emergency repairs andlor other expenditure which may arise. The strategic report was approved by the trustees of the charrty on 30 Juty 2024 and s*ned on Its behalf by: Mr Peter Metcalfe FCA Trustee THE FUSIUERS MUSEUM AND LEARNING CENTRE LIMITED TRUSTEES, REPORT YEAR ENDED 30 SEPTEMBER 2023 The trustee5. who are directors for the purposes of company law. present the annual report tO8ether with the financial statements and auditors. report of the charitsble company for the year ended 30 September 2023. Strurture. governa￿ and management The Fusilier Museum Bury, is a re￿stered independent Charity and a Company Limited bv Guarantee. The oblert1￿ and aims of the charity are set out below. The Charity registratlon number:1115452 and the Company registratlon number is 04791136. It is govemed by a Board of Trustee/Directors consistin8 of representstrves of the Regiment, local business and the museum community. The Board meets ￿gularlY Iquarterlyl to review strategy. review finances. museum activities. recebve the reports of the museum officers and manage maintenance issues and HR issues that are rdised by the management staff. The rnuseum artefacts are owned by a separate 'Collections Tn￿t, and loaned to the museum for dlsplay. Under the terms of the loan agreement the museum is responsible for the conservation of these artefacts with limited sUPPOrt from the collections trust. The Chair of the Collections Trust is presented on the museum Board of Twstees. the Museum Chair sits on the Collection Trust Board. The museums activities are for public benefft as evidenced by the vislon and mlssion ststement and the objertiveslaims listed below. The museum also works closePy with Army Museum's 08ilvy Trust (Amon. the National Amiy Museum INAMI and the MOD thrO￿h the Amiy Herrtage Branch. The Trustees have had re8ard to the Charity Commission's public benefft guideance. General Dats Protertlon Reeulation IGOPR) AII GDPR reQui￿rnents have been met. THE FUSILIERS MUSEUM AND LEARNING CENTRE UMITED TRusfEES' REPORT YEAR ENDED 30 SEPTEMBER 2023 Oblertlves and artl¥lt*s Objects and aln Objectives and Activities of the museum are to:_ Collect, preserrfe and interpret artifacts and records from the Regiment's history for the benefft of the wider communlty. Raise avmreness and contribute to the understsnding of the Regiment's actlvltlek Celebrate and mark its ￿latiOnShIp with the towns of Bury and Rochdale and the City of Salford Ithe Regiments. Freedom towns and main recruitin8 areas). and their people, and so develop local pride and a sense of place. Encourage young people to learn about ReEimental and ￿lated history. Interpret its collections frorn the widest persI￿tIVe to rnake them relevant to all people irrespectlve of age. race or disability- Raise awareness arrfl contribute to the understsnding of the Regiments and the Army. Publk benefv The Fusiller Musewn Bury, preserves and presents for the benefft of the publlc and Regiment, key elements in the nation's history in the context of two Regiments: holding the collection of the Lancashire FU￿llerS and the Royal Regiment of Fusiliers. the modern regiment into which the Lancashire Fusiliers were amal8amaied in 1968. It plays a fundamental role in the education of audiences in the region and is an e55entiol part of the cultural quarter of Bury providirq a key visitor attraction in the town and region. The trustees confirni that they have complied wtth the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefft guidance published by the Charity Commission for England and Wales. THE FUSIUERS MUSEUM AND LEARNING CENTRE UMITED TRUSTEES, REPORT YEAR ENDED 30 SEPTEMBER 2023 Rhks The primary risks to the museum can be summarised as follows".- l) Changes In grant fundlng Sour￿$. 2) Change in MOD support. 3) Building maintenance costs. 4) Lower vlsltor numbers Summary The museum is in a stable financial positN)n. It has a program of future events which we hope wlll continue to attract visitors to the museum. The Board of trustees would like to make special mention of the support provided by the Metropolitan Borough of Bury, the Amiy Museums Ogilvy Twst, the Natbonal Army Museum. the National Heritage Lottery Fund and the Arts Council for their continued support. Ananclal InstNments ObAertl¥v ondpolkles The charilvs artrrfities expose it to a number of financial risks includin8 credit risk, cash flow rtsk and liquidity risk. Cashfvw rfsk The Charltvs acthiSt5es expose it prlmarlly to the financlal rlsks of changes Sn Interest rates. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows. Credttrtsk The Charitys principal financial assets are bank balances and cash and trade and other re￿1¥able The Charl￿5 credit risk is primarily attributable to its trade receNablek The amounts presented in the balance sheet a￿ net of allowan￿ for doubtfvl reoivable& The credit risk on liquld funds is limited because the counterparties are banks wlth high C￿dIt-ratIngs assigned by intemational credrt-rnting agencies. The Charity has no significant concentration of credit risl with exposure spread over a large number of counterparties and customer Uquldltyrlsk In order to maintain liquidity to ensure that sufficient funds a￿ available for ongoing operations and future developments. the CharTty uses a mixture of lonE-tenn and short-teryn deposits. THE FUSILIERS MUSEUM AND LEARNING CENTrE UMITED TRUSTEES, REPORT YEAR ENDED 30 SEPTEMBER 2023 Dlstlosure of Infomwtknn to auditr Each trustee has taken steps that they ovght to have tsken as a trustee in order to rnake themselves aware of any relevant audit inforn)ation and to establish that the charitys auditor is aware of that infomiation. The trustee5 confiTh that ihere is no relevant inf0M￿li0n that they know of and of which they know the audltor Is unaware. Reappolntment of audltor The auditors Horsfield & Smith are deemed to be reappointed under section 487{21 of the Companies Act 2fXI6. The annual report was approved by the trustees of the charity on 30 July 2024 and s*ned on Its behalf by- Mr Peter Metcalfe FCA Trustee THE FUSILIERS MUSEUM AND LEARNING CENTRE UMITED INDEPENDEKfAUDITORS' REPORTTO THE MEMBERS OF THE FUSIUERS MUSEUM AND LEARNING CEKfRE UMITED YEAR ENDED 30 SEPTEMBER 2023 OplnSon We have audited the financial ststements ofThe Fusli iers Museum and Learning Centre Limited (the 'charity'l for the year ended 30 September 2023. which cornprise the Statement of Financial ActNities, Balance Sheet, Statement of Cash Flows. and Notes to the Financial Ststements, including a summary of significant accounting policies. The financial reporti￿ framework that has been applied in their preparation is United Kingdom Accounting 5tsrnlards, comprising Charities SORP - FRS 102 Yhe Financial Reporting StarKlard applicable in the UK and Republic of Ireland. and applicable law (United Klngdom Generally Accepted Accouniing Practkel. In our opinion the financial statements: 8lve a In￿ and fair vlew of the state of the chartvs affairs as at ￿ September 2023 and of its ncomI￿ resources and application of resources. Incl￿1￿ its Inco￿ and expenditure. for the Year then ended,- have been property p￿pared In accordan￿ with United ￿ngdoM Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companles Art 2LM)6. We corKlurted ow a￿lIt In accordance with International Standards on Auditir* {UKI {ISAs IUK)} and appllcable law. Our responsibllities under those sLindards are fiirther described In the auditor responsibilities for the audit of the financbal statements section of our report. We are independent ot the charity in accordance with the ethical requirements ihat are relevant to our audit of the financlal statements In the UK IndudlN& the FRCS Ethical Stsndard. and we have fulfilled our other ethical responsibilltles In accordance with these requirements. We believe that the audit e4iden we have obtained Is sufficient and appropriate to provide a basis for otsr opinion. C4xKluslon5 relatlrva to Bolw uxK•rn In auditir¢ the financial statements. we have concluded that the tntstees use of the golng concern bas15 of accounting In the p￿paratIOn of the financial ststements is appropriate. Based on the work we have perforn￿. we have not identifthl any material uncertainties relating to events or conditions thaL Indlvidually or collectSvety, may cast Significant doubt on the charitys ability to continue as a goin8 concern for a period of at least twek¥e months frorn when the orvdinal financlal ststements were a￿hOriSed for issue. Our Tesponsibilit*s and the responsibilities of the tnstees with respect to 80in8 concern are described in the relevant sect￿n5 of this report. Other Infonn*lon The trustees are responslble for the other Informatlon. The other inforn￿tIon comprises the inforniation included in the annual report, other than the financial ststements and our auditoes port thereon. Our oplnlon on the financial statements does not cover the other Inforn)atkn and, except to the extent otherwise explicilty stated in our reporc we do not express any fom) of aSSUTance conclusion thereon. THE FUSIUERS MUSEUM AND LEARNING CEKfRE UMrrED INDEPENDEKfAUDITORS' REPORTTOTHE MEMBERS OF THE FUSILIERS MUSEUM AND LEARNING CENTRE UMrrED YEAR ENDED 30 SEPTEMBER 2023 In connection wfth our audit of the financial statements. our responsiblllty is to read the other infomation and. in doin8 so, consider whether the other Infomiation is materialty incon5i5tent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be materialty mi55tated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material mlsststement in the financial statements or a material misstatement of the other infonnation. If, based on the work we have performed, we condude that thefe is a material misstatement of this other infonnation. we are required to report that fact. We have nothin8 to report In this regard. Matt•rs on whkh we are requlred to rep(Yt by excep In the light of our knowledge and Understandi￿ of the d￿rity and its environment obtained in the course of the audit, we have not identified materol misststements in the Strategic Report and the Trustees, Report. We have nothi￿ to report in respect of the followiry matters where the Companies Act 2LM requires us to report to you rf, in our opinion: adequate accountiry records have r￿t been kepL or retums adequate for our awllt have not t*n recer¥ed from brnnches not visited ty us; or the finarthl State￿￿nts are not in agreement with the accounting records and returns: or certain disclosures of tnfjtees rem￿￿ratIon by law are not made; or we have not re￿IVed all the infomHtlon aYKI explanatbns T*ft requlre for our audiL As explained more fully in the (set out on page I, the trustees are responsible for the preparation of the financial statements ind for beinE satiSf￿d that Eive a true and fair vlew, and for suth internal control as the trustees detemiine is necessary to enable the prepalation of financial ststements that are free from material misstatemenL whether due to fraud or error. In preparlng the flnancial ststementy the tn￿ee5 a￿ responslble for assessi￿ the ￿￿￿1￿5 ability to continue as a Boing concem, disclosin& as applicable. matters related to going concem and usin8 the golnB concern basis of accountirvd unless the trustee5 either intend to liquidate the charity or to cease operations. or have no realrstic alternative but to do $0. Audltorfs respo￿lbIlItIeS fvrthe of the flnandal st•tem Our obiectbves are to obtain reasonable assurance about whether the financial ststements as a whole are free from material misststemenL whether due to fraud or error, and to issue an auditorfs report that include5 our opinion. Rea50n•ble assurance 15 a high level of a55urano, but 15 r￿t guarantee that an audit condwted In accordance with 1&4s (UK) will always detect a materfal misstatement when it exists. Misststements can arise from fraud or error and are considered material rf. individualty or in the aggregate. they could reasonabty be expected to Influence the econoffl￿ decisions of users tsken on the basis of these financial ststements. THE FUSILIERS MUSEUM AND LEARNING CENTRE UMITED INDEPENDENT AUDrroRS' REPORTTOTHE MEMBERS OF THE FUSILIERS MUSEUM AND LEARNING CEKfRE LIMITED YEAR ENDED 30 SEPTEMBER 2023 The ¢xt¢nt tt¥ whkh our wocedww are upable of deterfl￿ Irr¢gularltl¢s, ￿c￿￿on￿fraud Irregularities, including fraud, are instsnces of nonn of matefial amounts and disclowres in the financial Ststemeft￿ These included UK Companies A¢ tax legislation; and do not have a direct effett on the financial 5tstements but cornpliance with whith may be fundamentsl to the limited compan￿5 ability to operate or to avoid a material penalty. We enSU￿d that the engagement team collertNety had the appropriate competence, capabl15t￿$ nd skills to identify or recognise norFcompliance with applKable laws and Tegulations. We discussed am0￿1 the audlt ewgement team re8ardirv& the opportunittes and incentfves that may exist within the ofganisation for fraud and how arKI where fra￿1 might occur In the finandal statement In common wlth all audSts under ISAS IUKI, we are also required to perforn) speufic procedures to respond to the risk of management override. In addre55in8 the risk of fraud through management overrfde of controls we tested the appropfiateness of ￿Urnal entrles and other adjustments; assessed whether the J￿1geMents made in maki￿a accounting estimates are indicative of a potenlial bias; and evaluated the bus1r￿ rationale of any slgnificant transactlors that are unusual or outside the nonnal course of busines In addition to Ihe above, our procedures to respond to the rlsks identlfied induded the following." viewing financial statement disclosures by testing to supporting documentstion to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financlal statements; perfomiir% analytical procedu￿$ to identrfy any unusual or unexpected relationships that may indicate risks of Materi￿ Misstatement due to fraud; enqulring of mana8ement concernin8 actual and potentlal 11t18a￿n and daims, and instan￿5 of non-compliance with laws arKI regulations: arKI • readlNd the mlnutes of Meeti￿ of those d*r8ed with 80vernan￿. A further de5CriPtion of our responsibilities is available on the Financial Reporting Councivs website at: .WwW.Irr.o￿uk]0vditov51èl￿IItOw5￿n￿eIa￿IrtlTrfevn51b1liles4or4￿w￿I1t-of-the-￿nanC￿￿tstQfflen Thls description fornis part of our auditorts report. THE FUSILIERS MUSEUM AND LEARNING CENTrE UMITED INDEPENDEKf AUDITORS, REPORT TO THE MEMBERS OF THE FUSIUERS MUSEUM AND LEARNING CENTRE UMITED YEAR ENDED 30 SEPTEMBER 2023 Us¢ of our repart This report ￿ made solely to the charitable company trustees in accordan￿ with Chapter 3 of Part 16 of the Componies Art 2CO6. Our audit work has been undertaken $0 that we might stste to the charity's trustees those matters we are required to stste to them in an auditorfs report ènd for no other purpose. To the fullest extent permitted by law, we do not accept or assume resp)￿lbIlty to anyone other than the chafltsble company and its twstees as a Ix)dy, for our audit worK for this reporL or for the opinions we have fomied. Peter G Nicol BEM FCA {Senior Ststutory Auditor) R>r and on behalf of Horrf*ld & Smlth, Ststutory Auditor Tower House 269 Walmersley Road Bury Lancashl BL9 6NX 30July 2024 io THE FUSILIERS MUSEUM AND LEARNING CENTRE UMrrED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 SEPTEMBER 2023 (INCLUDING INCOME AND EXPENDrruRE AccouKr AND STATEMENTOFTOTAL RECOGNISED GAINSAND LOSSES) Vnre$trkt￿ Restrfrted funds fvnds Total 2023 Income and End¢y4vments from: tk)nations and legacies Other trading activlties Investment income oiher income 217,053 72.494 85,319 302,372 72.494 Total income 299.481 85,319 384.8LIJ Expendlture on: Raising funds Charitable attivities {18.859) 1203.861} 118,8591 1248,3231 144.4621 Totol expenditure 1222,7201 144,4621 1267,1821 Net income Transfers between funds 76.761 29,960 40.857 129.960) 117,618 Net movement in funds 106,721 10.897 117,618 Recond11atk￿ of fvnds Total funds brought forward 1.528.428 3.183.874 4,712,302 Total funds carried forward 21 1.635.149 3,194,771 4￿29,920 li THE FUSILIERS MUSEUM AND LEARNING CEKfRE UMITED STATEMENT OF FINANaAL AcfiviTIES YEAR ENDED 30 SEPTEMBER 2023 (INCLUDING INCOME AND EXPENDITURE AccouKr AND STATEMENTOFTOTAL RECOGNISED GAINSAND LOSSES) Vnrestrkt￿ Restrlrted funds funds Totsl 2022 Note Income and Efftdowments from: Donations and legacies Other trading actmties Investment income 142.315 78,466 146 29.721 172.036 78.466 146 Other income Total income 227.771 29,721 257,492 Expenditilre on: Raising funds Charitsble activities (31.1401 {198,6371 {31.1401 1258.9491 {60.312) Total expenditure (229.777) 160,312) 1290,0891 Net expenditu {2,lJ)6) 130,591) {32.5971 Net movement in funds {2,{￿> 130,591) 132,597} Re¢ondllatkM of funds Totsl funds brou8ht forward 1.530,434 3,214,465 4,744,899 Total funds carried forward 21 1,528.428 3,183,874 4.712.302 All of the charity's activilies derive from continuing operations duriThx the above two periods. The funds breakdown for 2022 is shown in note 21. 12 THE FUSIUERS MUSEUM AND LEARNING CENTRE LIMITED BALANCE SHEET AS AT 30 SEPTEMBER 2023 (REGISTrATION NUMBER: 04791136) 2023 Hxed assets Tarvdible a55ets 15 4,491.528 4,514,477 Siocks 17 2.947 16.186 378.711 3,341 4.266 237,611 Debtors Cash at bank and in hand 18 19 397.844 245.218 Credltors: Arnounts falllwa due wlthln one year 20 (59.4521 147,3931 Net current assets 338,392 197,825 Net assets 4,829,920 4.712,302 Funds of the ch•ritr. Restricted funds 3.194.771 3.183.874 Unrestricted furKIs 1,635,149 1,528,428 Totsl funds 21 4,829,920 4.712.302 The financlal ststements on ￿geS 11 to 32 were approved by the trustee4 and authorised for issue on 30July 2024 and 4ned on their behalf by: Mr Peter Metcalfe FCA Trustee 13 THE FUSILIERS MUSEUM AND LEARNING CENTRE UMITED ¥rATEMENT OF CASH FLOWS YEAR ENDED 30 SEPTEMBER 2023 2022 Net cash income/{expenditure) 117.618 132.5971 Adjustments to flows from nonwash items Depwiation Investment incorne 45.196 {4881 45,024 11461 162,326 12,281 Workln8 caplial adjustme Decreasellincreasel in stocks Ilncreasel/decrea5e in debtors lncreasel1dec￿asel In creditors 17 394 17841 20,375 130.0601 18 111,9201 12.059 20 Net cash flows from operating activlties 162,859 1.812 Cash flows frorn investiryactivities Inte￿$t recelvable and similar Income Purchase of tangible fixed assets 146 15 (22.247) Net cash flows from Investir￿ artivities (21.759) 146 Net increase in cash and cash equirdlents 141.1(X) 1.958 Cash and cash equivalents at l October 237.611 235,653 Cash and cash equivalents at 30 September 378.711 237,611 Recontlllatlon of net cash Ilow to moven*nt In netfunds Increase in cash 141.lU) 1.958 Net fvrrfls at l October 2022 237.611 235,653 Net fund5 at 30 September 2023 378,711 237.611 All of the cash flows are derived from continuing operations duribvd the above two periods. 14 THE FUSIUERS MUSEUM AND LEARNING CENTRE UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 I C￿rity ststus The charity is limited by guarantee. incorporated in England. and consequentfy does not have share capital. Each of the trustees is liable to contribure an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office Is: The Fusilier Museum Moss Street Bury BL9 ODF These financial Statements were authorised for issue by the trustees on 30July 2024. 2 A¢countlr¢ polkl•s Summary of slgnlllcant accountlry polkies and key xCounti￿ estimates The principal accounting policie5 applied in the preparation of these financial ststements are set o below. These policies have been consistentty applied to all the years presented, unless Otherwise stated. ststement of complla The financial ststements have been prepared in accordan￿ with Accounting and Reporting by Charities: Statement of Recommended Praciice (applicable to charities preparin8 their accounts in accordance with the Financbal Reportin8 Stsndard applicable in the UK and Republic of I￿land IFRS 10211 (issued in Ortober 20191- (Charities SORP IFRS 102}), the Financial Reportin8 Stsndard applicable in ihe UK and Reptsblk of IrelaNI {FRS 1021 and the Companies Art 2Crf)6. Basis of preparntion The Fusiliers Museum and Learning Centre Limlted meets the definition of a public benefit enlty under FRS 102. Assets and liabilities are initialPy recognised at historical cost or transactlon value nless otherwise stated in the relevant accounti￿ wlicy notes. Golfi8 ¢on¢em The financial statements have been prepared on a goi￿ concern basis. The trustees have assessed whether the use of going concern is appropriate. they have considered the impart Covld-19 has had on the charity and have taken steps to mitigate this impact. Projections have been produced for the next 12 months and the trustees are satisfied that the chartty is a 80in8 concem. All income 15 recognised once the chafity has entitlement to the Income, It is probable that the ir￿)Me will be received and the amount of the income receivable can be measured reliably. 15 THE FUSIUERS MUSEUM AND LEARNING CENTRE UMITED NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Donatlons ondleg4des Donations are reco8nised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditiors that require a level of performance by the charty before the charity is entitled to the funds. the income is deferred and not reco8nised until either those conditions are fully meL or the fuffilment of those condition5 is wholly within the control of the charity and it is probable that these conditions will be fulfil￿d in the rewrting period. Legacy gifts are recogni5ed on a case by case ba515 followi￿ the grant of probate when the administratorlexecutor for the estate has communitiited in writing both the amount and settlement date. In the event that the gift is in the fom of an a55et other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliabfy measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Gronts recelvable Grants a￿ reco8nised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where perfornian￿ conditlons a￿ attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred Income to be re￿ased. Expernlilure All expenditure is recognised once there is a legal or constrwtive obli8ation to that expenditure, it is probable settlement Is required and the amount can be measured reliably. All costs ore allocated to the applicable expenditure headin8 that ag8re8ate similar costs to that cate80ry. Where costs cannot be directty attributed to particular headings they have been allocated on a ba515 consistent with the use of rex>urces. with central staff costs allocated on the basis of time spent. and depreciation charges allocated on the portion of the assevs use. Othei support costs are allocated based on the spread of staff Costs. Rolslnqfvnds These are costs incurred in attrarting voluntary income. the management of investments and those incurred In trading actNities that raise funds. Chawitable expenditure cornprises those costs incurred by the charity in the dellvery of its activities and services for its beneficiaries. It includes both costs that can be allocated dirertly to such activities and those costs of an indirect nature necessary to support them. pport costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. for example. allocating propemi costs by fbor areas. or per capita, staff costs by the tsme spent and other costs by their usage. 16 THE FUSILIERS MUSEUM AND LEARNING CENTRE UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 These include the costs attributsble to the charitys compliance with constitUt￿nal and 5tstutory requirements. including audr¢ strotegic management and trustees meetings and reimbursed expenses. Go%trnment8Yants Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or re￿Nable. Grants are classified as ￿lating either to revenue or to assets. Grant5 relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets a￿ recognised over the expected useful lrfe of the asset. Whe part of a 8rant relatin8 to an asset is deferred. it is reco8nised as deferred income. Taxatlon The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Art 2010 and therefore li meets the definition of a charitsble company for UK corporation tax purposes. Accordingly, the charity is potentialty exempt from tsxation In ￿SPeCt of income or capitsl gains receNed within categories covered by Chapter 3 Part 11 of the Corporation Tax Aci 2010 or Section 256 of the Taxation of Chargeable Gains Art 1992. to the extent that such income or gains are applied exdusively to charitable purwses. TangSble fixed assets All fixed assets are initrdlty recorded at cost. Herltage assets The museum has collertions of heritsge assets which are held in 5UPPOrt of the company's objectives. The direclors do not consider that reliable valuations can be obtsined because of the nature of the assets held and the lack of comparable market values. The assets are owned by The Fusiliers Museum Trust Lancashire (registered charity 1124528) and are lent to the museum for a period of twenty-fwe years from 25th April 21X)9 and thereafter unless and until the agreement is temiinated by either party. Depreclatlon and amortlsatlon Depreciation is provided on tangible r￿e￿ assets $0 as to write off the cost or valuation. less any estirnated residual value. over their expected useful economic life as follows: Equipment. fixtures and Fittin85 Museum Development IO% strai8ht line Wrltten off over 125 years Stock is valued at the lower of cost and estimated Selli￿ price less costs to complete and sell, after due regard for obsolete and slow movin8 Stock% Cost is detemiined using the first-in. first•OUt IFIFOI. 17 THE FUSIUERS MUSEUM AND LEARNING CENTRE UMrrED NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Trade debtOfS Trade debtors are amounts due from customers ft)r merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the trdnsactioTh price. They a￿ Subsequent￿ MeaSu￿d at amortised cost using the effertive interest method, less provision for impaiment. A provision for the impaiment of trade debtors is established when there is ObJettr￿ evideno that the charity will not be able to collert all amounts due according to the orydinal ternis of the receivables. Cash and cash equfvalents Cash and cash equivalents comprise cash on hand and call deposits and other short-term highly liquid investments that a￿ readily convertible to a known amount of cash and are subjert to an in5i8nificant risk of chan8e in value. Trade credltors Trade creditors are obli8ations to pay for 8￿d5 or service5 that have been acquired in the ordinary course of business from suppliers. Accounts payable a￿ classified as current liabilities if the charty does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer seltlement for èt least twelve months after the reportin8 date, they a￿ presented as n0n-Cur￿nt liabilities. Trade creditors are recognised initialty at the transaction price and subsequently measured at amortised Cost using the effertive interest method. Borrowines Interest-bearing borrowings are Initial￿ recorded at fair value. net of transaction costs. lnte￿St-bearlng borrowings are subsequently carried at amortised cost, with the difference between the proceeds. net of transaction costs. arml ihe amount due on redemption being recogni5ed as charge to the Ststement of Financial Activities over the period of the ￿levant borrowing. Interest expense Is recognised on the basis of the effective inte￿t method and Is Included In interest payable and similar charge& Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. 18 THE FUSILIERS MUSEUM AND LEARNING CENTRE UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEvfEMBER 2023 Forelgn exchan Transactions in foreign currencies are recorded at the rate of exchange at the date of the transartlon. Monetary assets and liabilities denominated in foiei8n currencies at the balance sheet date are reported at the rates of exchawde prevailinE at that date. The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates wlin8 at the balarKe sheet date. Exthange difference5 arising on translation of the opening net assets arKI results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling Inte￿$ts as appropriatel. Other exchange differences are re￿nISed in the Statement of Financial Activities in the period in which they arise except for- 11 exchange differences on transactions entered into to hed8e certain foreign currency risks (see above); 21 exchange diffe￿nceS arising on gains or I0￿e$ on non-monetary items which are recognised in other comprehensive income; and 31 in the case of the consolidated financial ststements. eXCha￿e diffe￿nceS on monetsry items receivable from or payable io a forei8n operation for whith settlement is neiiher planned nor likelv to occur (therefo￿ forming part of the net investment in the foretgn operation). which a reco8nised in other comprehensive income and reported under equity. Fund strurture Unrestricted income funds a￿ general funds that are avallable for use at the trustees discretion in furtherance of the objertives of the charity. Restricted income funds are those donated for use in a particular area or for speclfic purposes, the Use of which is restritted to that area or purpose. Penslons and other post retlrement obllga The charity operales a defined contribution pension scheme which is a pension plan under which fixed contrlbutlons are pald into a pension fvnd and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold suffKient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial ActNitie5 when they are due. If contrib•Jtion payments exceed the contribution due for service, the excess is recognised as a prepayment. 19 THE FUSIUERS MUSEUM AND LEARNING CENTRE UMITED NOTES TO THE FINANaALSTATEMEKrs FOR THE YEAR ENDED 30 SEPTEMBER 2023 Anandal InStrUn￿ Financial assets and financial liabllities are recognised when the charity becomes a party to the contractual provisions of the in5trumenL Flnancial liabilit*s and equity instruments are dassified accordiwd to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after dedurting all of its liabilitie5. Recoqnltlon andmeosurement All financial assets and liabilttie5 are initially measured at tranSaC￿n price {indudin8 transartion costs). except for those financial assets classified as at fair value throu8h profft or loss, which are Inltially measured at fair value (which is nornialty the transaction price excluding transaction costs). unless the arrangement constitutes a financin8 transaction. If an arrangement constitutes a financing transaction. the financial asset or financial liability 15 measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only oftset in the 5tstement of financial position when. and only when there exists a legally enforceable right to set off the recognised amounts and the charlty intends either to settle on a net basls. or to realise the asset and settle the liability sirnultaneously. Flnanclal assets are derecognised when and onty when a) the contractual rights to the cash flows from the financial asset expire or are settled, bl the charity transfers lo another party substantially all of the risks and reward5 of ownership of the financial asset. or c) the charity. despite having retained some, but not all. significant risks and ￿WardS of ownership. has transferred control of the asset to another party. Financial liabilities are dereco8nised onty when the obli8ation wified in the contract is dischar8ed, cancelled or expires. 20 THE FUSIUERS MUSEUM AND LEARNING CEKfRE UMITED NOTES TO THE FINANCIAL SrATEmE￿rS FOR THE YEAR ENDED 30 SEPTEMBER 2023 3 In¢om¢ fmm dOnatIry￿ and le8a¢ies Unrestrlrted Ivnds General Restrkted funds Totsl fund5 Donations and le8acie Sponsorship Legacies Glft aid reclaimed Grants, including capital grants. Granls receivabte Re8ular 8Ning and capital donations 71KI 7(Kl 86,518 4.253 86,518 4,253 118.%2 6,620 85.319 204.281 6,620 Totsl for 2023 217.053 85,319 302.372 Totsl for 2022 142.315 29.721 172.036 Unrestrlrted grants recelvable Totsl 2022 Genernl 2023 BuryMBC MOD 66,804 36,9)8 250 15.C 36.9)8 250 15.(n) 37,546 AMOT RRF IT0v￿r of London) 15,(KK) 118.962 118.962 119,350 21 THE FUSILIERS MUSEUM AND LEARNING CENTRE UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 4 Income from other tradin8 artlvltl Unre51rfcted T¢>tsl 1022 General 2023 Trading income- Shop income Other Income: Admission income Corporate lettin85 Cafe income 13.225 13.225 11.092 11.709 40,029 7.531 11,709 40.029 7,531 14.048 39.097 14,229 72.494 72.494 78,466 5 Investn*nt Income Vnrestrfrted funds General Total Intere51 receivable and similar income: Interest receivable on bank deposits Total for 2023 Total for 2022 146 146 6 IXh¢r Inuyne Totsl 2023 Total General Rental income Other income 7.910 1.536 7,910 1,536 1.3LK) 9.446 22 THE FUSIUERS MUSEUM AND LEARNING CENTRE LIMITED NOTES TOTHE FINANCIALsfATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 7 Expendlture on ratsing ￿ndS a) Costs of tr*iTra activltles fvnds Totsl 2023 Totsl 2022 General Shop costs Cafe costs 4.928 9,574 4,357 4,928 9.574 4.357 23.250 5.306 Event costs 18.859 18,859 31.140 23 THE FUSIUERS MUSEUM AND LEARNING CENTRE UMITED NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 8 Expenditure on charitsble aclivltl Unre5trfrted nds General Restrirted funds Totsl funds Staff costs Allocated support costs Governan￿ costs 84.510 112,042 7,309 11,976 32.486 96,486 144.528 7.309 Totsl for 2023 203,861 44,462 248.323 Total for 2022 198.637 60.312 258.949 undertaken Governance directty Totsl expenditure Fusiliers Museum 242.139 249,448 Totsl for 2012 249,295 9,654 258.949 9 Analy5& of governance and support costs fvnds General Totsl 2022 20Z3 Audit fees Audit of the financial statements Other fees paid to audttors 3,675 3,634 3.675 3,634 3.500 6,154 7.309 9.654 24 THE FUSILIERS MUSEUM AND LEARNING CEKfRE UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER2023 10 Net Incomlnglrtolr¢ res(wrtes Net incomin￿loUt8oins) resources for the year include: 2023 Audit fees Other non-audit services 3.675 3,634 45,196 3.5IXI 6,154 45.024 Depreciation of fixed assets 11 Trustees remufteratl￿ and expenses Durin8 the year the charity made the followin8 transactions with trustees: £Nil (2022: £6391 of expenses We￿ ￿1Mbur5ed to during the year. One trustee was ￿lMI￿rsed expenses for various payments relatire to the upkeep of the museum arrfl It's exhibitions. No trustees, nor any persons connected with them. have received any remuneration from ihe charity durin8 the year. No trustees have received any other benefits from the charity duriNd the year. 25 THE FUSIUERS MUSEUM AND LEARNING CENTRE UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 12 Staff costs The a8gre8ate payroll costs were as follows: 2023 Staff tosts durfng the year were: Wages and salaries Social security costs Pension costs 94.175 1.122 1.574 102.285 1.836 1.670 96,871 105.791 The monthly average number of person5 1includiTra sefftior rnanagement I leadership team) employed by the charity during the year expressed as full time equivalents was as follows: 2023 2022 Administrative staff No employee receNed emoluments of more than £60,CKJ) durin8 the year. 13 Audltors, remuneratlon 2023 2022 Audit of the financial statements 3,675 Other fees to wditOf5 All other non-audlt services 3.634 6.154 14 Taxatlon The charfty is a ￿gIStered charity and is the￿fOre exernpt from tsxation. 26 THE FUSILIERS MUSEUM AND LEARNING CENTRE UMITED NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 15 Tanzlble fixed assets Equlprnent furnlwre and flxtures Ind and I￿lId11¥ Total Cost At l October 2022 Additions 5.174.407 22.247 174.235 5,348.642 22.247 At 30 September 2023 5,196.654 174.235 5.370.889 Depreclatlon At l Ortober 2022 666.358 41,572 167.807 3,624 834.165 45,196 Charge for the year At 30 September 2023 707,930 171,431 879.361 Net Ixbok valu¢ At 30 September 2023 4.488,724 2,804 4.491.528 At 30 September 2022 4.508.049 6.428 4,514.477 16 Herlta8e assets Herltage a55ets not recognlsed In the ￿lance Sheet The charity holds heritage assets consisting of guns. books silver medals. unifoms and other artefacts (the collections). The heritage assets have a nil cost. The collections belon8 to The Fusiliers Museum Trust Lancashire and are loaned to the museum at no cost. As a result. rK) value Is rep)rted for these assets in the balance sheet. 17 Stod( Shop stock Bar stock 1.625 1.322 1,625 1,716 2.947 3,341 27 THE FUSILIERS MUSEUM AND LEARNING CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 18 Debtors 2023 2022 Trade debtors 11,038 5,1)49 99 I,ioi 2.782 383 Prepayments and accrued income Other debtors 16,186 4,266 19 Cash and cash equlvalents 2023 Cash on hand 3(Kl 237.311 Cash at bank 378,411 378.711 237.611 20 Credttovs: amounts fall1￿ due wlthln one 2023 2012 Trade creditors Other taxation and social security Other c￿dItOrS 33.806 15,1891 30,835 17,730 1511) 30,174 59,452 47,393 28 THE FUSILIERS MUSEUM AND LEARNING CENTrE LIMITED NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30SEPTEMBER 2023 Zl Funds Balan¢e at Balano at September 2023 Unrestrlcted funds General 1,528,428 299.481 {222.7201 29.960 1.635.149 Restrlrted funds Development fund Collections Trust 3,160,717 129,INMI 112,21X)I 3.131.713 2,5 5,980 1,549 11.20) Fusiliers Aid Society HLF Collertlng Cultures E Gart5ide Mernorial Painting Arts Council England University of Manchester Fusiliers Collection BuryArtGallery & Museum 5.9 1.549 150 150 7,713 71,921 {29.9601 49,674 205 1284) 12.1981 2.198 776 {7761 Totsl restrirted fvnds 3,183,874 85,319 {44,4621 129,960) 3,194,771 Total fvnds 4,712,302 384.8(M) 267.182 4.829,920 29 THE FUSILIERS MUSEUM AND LEARNING CENTRE UMITED NOTES TO THE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 30 SEPTEMBER 2023 Balance at 30 September 2022 Balance at I IM?ml October 2021 resourtes Resource5 expended Unrestrkted funds Genernl 1,530.434 227,771 {229,7771 1.528.428 Restrirted l￿d$ Development fund Booths Charities Collections Tn Fusillers Aid Society HLF Collectin8 Cultures E Gartside Memorial Painting AIM 3.189.ni 2.033 (29,(Nl 12.0331 12,1661 li.S801 3.160.717 3,166 5,980 1,549 150 1.549 150 715 171SI 3.789 Arts Council England Vniverslty of Manchester National Heritage Fusiliers Collection BuryArt Gallery & Museum 7.713 945 13.789) 14561 (￿.060) 7,713 6.139 11.921 13.2241 776 Total rertTirted funts 3,214.465 29,721 160,3121 3,183,874 Total funds 4,744.899 257.492 {290.0891 4,712.302 30 THE FUSILIERS MUSEUM AND LEARNING CEKfRE UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 The specific purposes for which the funds are to be applied are as follo The Development Fund represents various restricted grants for WO￿ restoring the building and fitting out the new museum. Booth Chartties grant is for Salforil educational visits. The Collections Trust 8rant was for wrtha5ing archive boxes. The £11.2(Ll ￿￿1Ved in the current year was towards salaries. The Fusiliers Aid Society grant was towards the Living History costs. HLF Collecting Cultures grant provided fvndiThd to purchase items for the collection and an actlvity plan based around the Items acquired. The E Gartside Memorial Painting fund is to commlssK•n a painting in E Gartside's memory. Arts Council England Pfovided a grant for Cultural Recovery followirg the pandemic. The £71.921 received in the year is the first part of the MEND project grdnt for 'ProtectirE a much loved town treasure,. University of Manchester provKled a grant toward5 repairing the hand dryers. Fusiliers Collection provided a grant for the maintenance of the collection, and payment towards insurance premiums Bury Art Gallery and Museum provided a gTrnt forthe RememberaKe ProjecL Art of War. is a payment In lieu of Erdnt monies being ￿CeIVed. 31 THE FUSILIERS MUSEUM AND LEARNING CENTrE UMITED NOTES TO THE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 30 SEPTEMBER 2023 22 Analysis of net assets between Totsl funds at 30 September 2023 fvnds General TarEible fixed assets Current assets 1,344292 350.309 159.452) 3,147,236 47.535 4,491,528 397,844 159,4521 Current liabilitie5 Totsl net assets 1.635,149 3.194,771 4.829.920 Totrl funds at Restrkted 30 September fund5 2022 funds General Tarvdible fixed assets Current assets Current Ir4bilitie5 1.354.845 214.667 {39,998} 3.159.632 30,551 {7,395) 4.514.477 245,218 147.3931 Total net assets 1.529.514 3.182.788 4,712.302 13 Related party transactknns There were no related party transactions in the year. 32