Charlt¥ reclrtrailon number 1115451 Company re8lstratlon number 047911361En8land and Wales) THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Truste•s Colonel {Retiredl Brlan M Gorski MBE DL Msc Colonel IRetiredl Jarne5W Denny MBE Lieutenant Colonel lain M Hallam Mrs Karan P Lee Mrs Joanne A Marsh Mr Peter Metc3lfe FCA Mr James E Bentley Mrs Grace Mehta Mr Abed Hussaln Mr Glyn R Potts (Appointed 5 June 20251 (Appointed 18 December 20241 (Appointed 17 January 20251 (Appointed 24 January 20251 Secretary Mr J Harwood tharlty number 1115452 Company number 04791136 Re8lstered offlce Moss Street Bury Lancèshlre BL9 ODF Audltor Mitchell Charlesworth {Audit) Limited 3rd Floor 44 Peler Street Manchester M2 5GP Bankers Barclays 8ank plc I Central Sireet The Rock Bury Lancashire BL9 OJN
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS P4ge TfUStees' report Independent audltor's report Statemenr of financial activSiies io Balance sheel li Statement of cash flows 12 Notes to the financial staiements 13-26
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees present thelr annual report and financlal ststements for the year ended 30 September 2024. The financlal statements have been prepared in accordance wlth the accounting pollcies set out In note I to the flnancial statements and comply wlth the charlty's 8overnln8 document, the Companies Act 2006 and "Accountin8 and Reportln8 by Charitie5.' Statement of Recommended Practice applicable to charitie5 preparing thelr 3ccount5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {effective l January 2019). Objertlve5 and actlvltSes Objectives and Activities of the museum are to:. Collert, preserve and interpret anefacts and records from the Regiment's history for the beneflr of the wider communilv, Raise awareness and conirlbuie to ihe understandlng ol ihe Reglment's actlvltles. Celebrate and mark Its relationship with the towns of Bury and Rochdale and the City of Salford {the Re8lments' Freedom towns and main recrultin8 areas), and their people, and so develop local pride and sense of place. Encoura8e young people to learn about Regimental and related history. Interpret It5 collections from the widest perspectives to make them relevant to all people irrespectSve of age, race or disability. Raise awareness and conirlbuie to ihe understandlng of the Re8Sments and the Army. Public benefit The Fusilier Museum 8ury. preseNes and presents for the benefil of the publlc and Regiment, key elements In the natlon's hlstory in the context of two Reglments.. holdin8 the collection of the Lancashire Fusiliers and the Royal Regiment of Fusiliers, the modern regiment into which the Lancashire Fuslliers were amalgamated in 1968. It plays a fundamental role In the education of audience5 in the region and 15 an e55ential part of the cultural quarler of Bury providing • key vi51tor attraction in the town and re8ion. The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due re8ard to the public beneflt guidance published by ihe Charlty Commission for England and Wales.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Achlevements and perforrnanco Rlsks The primary risks to the museum be summarised as follov45-. 11 Chan8es In grant funding sources, 21 Change in MOD support. Jl Buildlng malntenance costs. 41 Vlsitor nurnbe. Summary The museum is In a stable financlal posltion. It has a pro8ram of fulure events which we trust wlll contlnue to attract vlslto to ihe museum. The Board of trustees would like to make a special mention of the support provided by the Metropolitsn Borough of Bury, the Army Museums Ogilvy Trust. the National Army Museum, the National Heritsge Lottery Fund and the Arts Council for their coniinued support. Flnancl•l Inslruments Oblectl¥e5 ond polkles The charily's actlvilies expose It lo a number of financlal r15ks includln8 credit risk, cash flow rlsk and Ilquldlty r15k. Coshflow rlsk The Charity's activities expose It prlmarily to the flnancial rlsks of changes In interest fate5. Interest bearin8 assets and Ilabilitles are held at flxed rate to ensure certainty of cash flov. Credlt rfsk The Charity's principal financial assets are bank balances and cash and trade and other receivables. The Charity's credlt risk Is primarily attrlbutable to Its trade receivables. The amounts presented in the balance sheel are net of allowances for doubtful recelvables. The credit risk on Ilquid funds is Ilmited because the counterparties are bank5 With high credlt-ratin85 a5518ned by international credit-rating agencies. The charity has no significant concentratlon of credit risk. with exposure spread over a large number of counterparties and customers. Llquldlty rlsk In order to malntain liquidity to ensure that sufficient funds are avallable for on8oin8 operatlons and futu developments, the Charity U5e5 o mixture of long-term and 5hort-term deposits.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Flnanclal re¥lew Income and endowments have Increase significantly in the year to 30 September 2024 compared to the prevlous year, risln8 from £384,800 in the year to 30 September 2023 to £520.9IXI in the year to 30 September 2024. Th15 ha5 resulted In a surplus in for the current year of £154,737 compared to a surplu5 in the previous year of £117,618. We continue to be 5UPPOrted on an annual basis by both 8ury MBC and the Rt)yal Re8lment of Fu5ilier5. At the year end ihe Balance Sheei shows a healthy posltlon wlth net currenl assets of £324,358. Reserve5 pollry The museum continues to hold £150k in reserle. Thls reserve, In the oplnlon of the trustees, Is required to brld8e the gap between expenditure and Income to cover unplanned emer¥ency repairs andlor other expenditure which may arlse. Strurture, 8overnan¢e and mana8emert The Fusilier Museum Bury. is A registered independent Charity and a Company LimSted by Guarantee. The objective5 and aims of the charity are set out below. The Charity re6lStration number.. 1115452 and the Company registration number is 04791136. 11 is 8overned by a Board of TrusteelDirectors conslsling of repfesentalives of the Regiment, local buslness and the museum community. The Board meets regularly Iquarterlyl to revlew strategy, review finances, museum a¢iivities, recelve the reports ol the museum officers and manage malntenancelssues and HR issues that are raSsed by the management stèfl. The museum artefacts are owned by a separate 'Collections Trust, and loaned to the museum for display. Under the terms of the loan agreemeni the museum is responsible for for the conseNation of these artefacts with limited support from the collection5 trust. The Chair of the Collections Trust is represented on the museum Board of Trustees. the Museum Chair sits on the Collettion Trust 8oard. The museums artivitles are for public beneflt as evldenced by the v15ion and mission statemenl and the objectiveslaims listed below. The museum also works closely with Army Museum's 08llvy Trust IAMOTI, the National Army Museum INAMI and the MOD throu8h the Army Herltage Branch. The Trustees have had re8ard to the Charity Commlssion's publlc beneflt guldance, G•nernl Dats Prot•rtlon RelatI0Th IGDPRI AII GDPR requlrements have been met. The trustees. who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Colonel IRetiredl Brian M Gor5ki MBE DL MSC Colonel (Retired) James W Denny MBE Ms Kiri A Gore Lieutenant Colonel lain M Hollam Mrs Karan P Lee Mrs joanne A Marsh Major Richard M Smith Mr Peter Metcalfe FCA Mr James E Bentley Mrs Grace Mehts Mr Abed Hussain Mr Glyn R Potts (Retired l Au8u5t 20241 (Resigned l December 2024 IAppolnted 5 June 20251 (Appointed 18 Dernber 2024} IAppointed 17 January 20251 (Appointed 24 January 20251
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Recruitment ond Dppointment of trustees Trustees are recruited by recommendation from exlstin8 trustees. Candidates with suitable skllls and qualiflcatlons would be considered based on thelr ski115 Jnd qualifications and the requirements of the rnu5eum. The appointment of new trustees would be rnade by the circulation of recommendations to the existing board of trustees for their approval. None of the trustees has any beneficial •nlere5t in the company. All of the trustees are members of the company and guarantee lo contribute £1 In the evenl of a windin8 11P. The company's current policy concerning the payment of irade creditors is to follow Ihe C81's Prompl Payers Code Icopies are available Irom the C81. Centre Point. 103 New Oxlord Street, London WCIA IDU). The company's current pollcy concemlng the payment ol trade credltors Is to.. settle the terms of payment with suppllers when agreelng the terms of each transactlon: ensure that supplier5 are made aware of the terms of payment by incluslon of the relevant terms in contracts. and pay In accordance with the company'5 contractual and other le8al obligations. Trade creditors of the company at the year end were equivalent to 29 day's purchase5. based on the average daily amount Invoiced by Suppliers durln8 the year. Stalement of trustees, responslbllltles The irustees, who are also the direaors of The FusllSer Museum and Learnln8 Centre Llmlted for the purpose of company law, are responslble lor preparlng the Trustees, Repori and the financial statements in accordance with appllcable law and Unlted Klngdom Accounting Standards Iunlted Kingdom Generally kcepted Accountlng Practice). Company Law requires the trustees to prepare flnanclal statements for each financlal year which 8lve a true and falr view of the state of affairs of the charity and of the incoming resources and application of resources. including the Income and expenditure. of the charitable company for that year. In preparln8 these Ilnancial statemenls, Ihe trustees are required to.. select suitable accountln8 polScles and then apply them conslstenlly; - observe the methods and prlnclples In the Charitles SORP,. make judgements and estimates that are reasonable and prudent. and prepare the financial statement5 on the going concern basis unless it is inappropriate to presume thai the charity will conlinue in operation. The trustees are responsible for keeping adequate accounting records that d15close with reasonable accurary al any tome the flnanclol poslilon of the charlty and enable them io ensure that the flnanclal statements comply with the Companies Act 2(X)6. They are also responsible for safe8uardln8 the assets of the charity and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularitie5.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Audltor In accordance with the company's articles, a resolution proposing that Mitchell Charlesworth (Audit) Llmited be reappointed as auditor of the company will be put at a General Meeting. e tru5tees' report was approved by the Board of Trustees. Mr Peter Metcalle FCA Trustee 2510612025
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED Oplnlon We have audited the financial statements of The Fusilier Museum and Learning Centre Limited (the 'charity'l for the year ended 30 September 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, includin8 $18nificant accountin8 policies. The financial reportin8 framework that has been applied In thelr preparatlon is applicable law and United Kingdom Accounting Standards. includin8 Financbal Reportin8 Standard 102 The Finonciol Reporting Slandord opplicoble in the UK ond Republlc OJ Irelond (United Kln8dom Generally Accepied Accountln8 Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charltable company's aflalrs as at 30 September 2024 and of its Incomln8 resources and application of resources, for ihe year then ended.. have been properly prepared In accordance with Unlted Kin8dom Generally Accepted Accountlng Practlce,. and have been prepared in accordance wlth Ihe requlrements of the Companles Act 2006. Basls for opinion We conducted our audil In accordance with International Standards on Auditlng IUKI IISAS IUKII and applScable law. Our responsibilities undei those siandards are further described in the Audltor's responsibilities for the oudir 0] the flnonciol 5totementS section of our report. We are Independenl of the charity in accordance with the eihlcal requirements that are relevant to Our audlt of the financSal statements in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon5ibilitles in accordance with these requirements. We belleve that the audit evldence we have obtalned Is sufficient and appropriate to provide a basis for our oplnlon, cOlS1on$ relatlng lo goln8 concem In audlting the financlal stalements, we have concluded thai ihe trustees, use of ihe Éoing concern basls of accountSns In the preparatlon ol the Ilnancial statements Is approprlate. Based on the work we have performed. we have not Identified any material uncertainties relatlng to evenls or condltions thaL Indlvldually or collectlvely, may cast si8niflcant doubt on the charity's ablllty to continue as a 8oln8 concern for a perlod of at least twelve months from when the financial statements are authorlsed for Issue. Our responsibililies and the responsibilities of ihe trustees with respect to 8oin8 Concern are described in the relevant sections of this report. Other Infomiatlon The other Information comprlses the Information Included in the annual report other than the Ilnanclal statements and our auditor's report thereon. The trustees are responslble for the other Information contalned wlthin the annual report. Our opinion on the financial statements does not cover the other information and we do not expre55 any forrn of assurance conclusion thereon. Our re5pon5ibility 15 to read the other information and, in doing so. consider whether the other information is materially inconslstent 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 Of apparent material misstatements, we are required to determine whether this gives rise to a material misstalement in the financlal statements themselve5. If, based on the work we have performed, we conclude that the Is a material misstatement ol thSs other informatlon, we are requlred to report that fact, We have nothing to report In thls regard.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED Matters on whlch we are requlred to report by emceptlon We have nothln8 to report in respect of the following matters in relation to which the Charitles (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinlon: the information given in the financial statement5 is incon51Stent in any material respect with the tru5tees' report.. or sufficient accountin8 records have not been kept.. or the financial statemenis are not in agreement with the accountln8 records- or we have not received all the Information and explanaiions we require for our audlt. Responslbllltles of truste•s As explained more fully In the statement of trustees, responsibililies. the trustees, who are also the directors of the charlty for the purpose of company law, are re5pon5ible for ihe preparation of the financial statements and for bein8 satisfied that they 8ive a true and fair view, and for such internal control as the trustees delerminels necessary to enable the preparalion of flnanclal statements that are Iree from material mbsstalemenl, whether due lo fraud or erior. In preparin8 the flnancial statements, the Irustees are responslble for assessing the chaflty's ability to contlnue as a 80ing concem, disclosin8, as appllcable, matiers relaied to Boln8 concern and usln8 the 8oln8 concern basls of accounting unless the trustees either intend to liquidale ihe charitable company or to cease operations. or have no realistic alternative but to do so. Audltor's responslbllltles for •udlt of the fln•ncl•l statements We have been appointed as audStor under section 144 of the Charities Aci 2011 and report In accordance with the Art and relevant regulalions made or havini effect thereunder. Our objertives are to obtain asonable assurance about whether the flnanclal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor'5 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 IUKI will always detect material misstarement when it exists. Misstatements can arise from fraud or error and are considered materi31 if. individually or in the aggregate, rhey could reasonably be expected to influence the economic decisions of users iaken on the basis of these financial statements. Irre8ularlties, including fraud, are Instances of non-compliance with laws and re8ulations. We desl8n pmcedures In Ilne with our responsibilities, outlined above, to detect material mi55tstement5 in respect of irregularities, includin8 fraud. The extent to which our procedure5 are capable of detectin8 irre8ularities. includin8 fraud. is detailed below. We Identlfy and assess the f lsks of material misstatement of the flnancial statements, whether due to fraud or effof. and ihen desl8n and perform audit procedures responsSve to those rlsks. Includln8 obialnln8 audlt evidence that Ss sufflcient and approprlate to provide è basis for our opinlon. Identlfylnq and assessln8 potentlal rtsks related to Irre8ularltles In identlfying and a5ses5in8 risks of material misstatement in respect of irre8ularities. includln8 fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry and sector. control environment and business performance. the company's own assessment of the risks that irre8ularities may occur either as a result of fraud or error- Ihe results of our enquiries of management and members of the Board of Directors of their own Sdenlification and assessmeni of the risks of irregulariiies; any mètters we identifled havlng obtained and revlewed the company's documentation of thelr pollcies and procedures relating to.. identifylng. evaluating and complwng with laws and regulations and whether they were avfire of any Instances of non-compliance.. detetting and responding to the risks of fraud and whether they have knowledge of any actual. susperted or alleged the internal controls established to miti8ate risks of fraud or non-compliance with laws and regulations. and the matters discussed among the audit en8a8ement team re8ardin8 how and whefe fraud mi8hi occur In the financial ststements and any potential indicators of fraud.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED As a result of these procedures. we consldered the opportunitles and Incentives that may exlst wwthln the company for fraud and identified the greatest potential for fraud in the following area.. the tirning of the recognition of revenue. In common with all audits under ISA5 IUKI. we are a150 required to perform specific procedures to respond to the risk of mana8ement override. We also obialned an understandlng of the legal and regulèiory Iramework thai the company operates In. focuslng on provisions of ihose laws and re8ulatlons that hèd a direct effect on the determination of material amount5 and disclosures In the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local taxation le8islation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the finantial statements but compliance with which may be fundamenlal to the company's ability to operate or to avoid a material penalty. These included Data Proteclion Re8ulations. As a result of performln8 the above. we Identified the timlng of the reco8nitlon of revenue as the key audlt matter related to the potentlal rlsk ol fraud. In addition to the above, our procedures to respond to risks identified included the following.. reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevani law5 and regulations described above as having a direct effeci on the financial sratemenis,. enquiring of management and members of the Board of Directors concerning actual and potential Iltigation and clalms,. perlormin8 analytlcal procedure5 to Identify any unusual Of unempected relationships that may indicate r15ks of material misslatement due to fraud.. reading minute5 of meetln8s of those charged wlth 8overn3nce and revlewin8 correspondence wSth levant uthorities where matters identified were slgnificant: and in addressing the risk of fraud through mana8ement override of controls. testin8 the approprSateness of journal entries and other adjustments- assessing whether the judgements made in making accounting estimate5 are indicative of a potential blas,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We a150 communicated relevant identifSed laws and regulations and potential fraud risks to all engagement team members and remalned alert to any indications of fraud or non-compliance with laws and re8ulations throughout the audit. A further description of our Tesponsibilitie5 15 available on the Financial Reporting Council's website at: http5:11 www.frc.or8.uvauditorsre5ponsibilities. This description forms part of our auditor's report.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED Use of our report This report is made 501ely to the charity's trustee5. as a body. in accordance with part 4 of the Charities (Account5 and Report51 Re8ulations 2008. Our audit work has been undertaken so that we might State to the charity's trustees 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 responslblllty to anyone other ihan the charity and the charity's trustees as a body. for our audit work, for this report, or for the opinions we have formed. Allson Buckley (Senlor Statutory Audltor) for and on behalf of Mlt¢hell Charlesworth {Audltl Umlt¢d 2510612025 Accountants Stalutory Audltor 3rd Floor 44 Peter Street Manchester M2 SGP Mitchell Charlesworth IAuditl LimSted is eligible for appointment a5 auditor of the charity by virtue of 6t5 eligibility for appolntmeni as auditor of a company under sectlon 1212 ofthe Companies Art 2LM)6.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unreslrlcted funds 2024 Restrlrted funds 2024 Total Unrestrlrted funds 2023 Restrlct¢d funds 2023 Total 2024 2023 P4ole5 Income ab end¢wmients from: Donations and legacies Other Irading aclivities Investments Other income 186,175 98,79S 1,126 25.901 208.903 395.078 98,795 1,126 25,901 217.053 72,494 488 85.319 302.372 72,494 488 9,446 9,446 Total Income 311,997 208,903 520,900 299,481 85,319 384,800 Expendlture on: Raising funds Charltable activltles 7,294 112,164 7,294 358.869 18,859 203,861 18,859 248.323 246.705 44,462 Total expendlture 119,458 246,705 366,163 222,720 44,462 267,182 Met In¢omel{expendlture} 192,539 137,8021 154,737 76.761 40.857 117,618 Tran5fer5 between fund5 29,960 129.9601 Net movement In funds io 192,539 137,8021 154,737 106,721 10,897 117,618 Reconclllatlon of lunds: Fund balances at l October 2023 1,635,149 3.194,771 4.829,920 1.528,428 3.183,874 4.712,302 Fund balances at 30 Septembef 2024 1,827,688 3.156,969 4,984,657 1,635,149 3,194,771 4,829,920 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT30 SEPTEMBER 2024 2024 2023 Notes Flxed assets Tanglble assets 14 4.660,299 4,491,528 Current assets Stocks Debtors Cash at bank and in hand 16 17 2,783 44,980 339,961 2,947 16,186 378,711 387,724 163,3661 397.844 159,4521 Credltors: amount5 fallln8 due vlthln one year Net current •sMts 324,358 338.392 Total assets less current Ilabllltl•s 4.984,657 4,829,920 The funds ol the charlty Restricted Income funds Uniestricted funds 20 22 3.156,969 1,827,688 3,194,771 1,635,149 4.984,657 4.829.920 The charlty Is entitled to the exempiion from the audil requiremeni conlained In section 477 of ihe Companies Act 2006, for the year ended 30 September 2024, although an audit has been carried out under section 144 of the Chafitles Act 2011. The directors acknowledge their re5pon5ibilitles for complying with the requlrements ol the Companies Act 2006 wlth respect to accountln8 records and the preparatlon of flnancial statements. The member5 have nol required the company to obtain an audit of ils financial statemenis under the requirements of the Companies Act 2006, lor the year in question in accordance with section 476. These flnancial statemenls have been prepared In accordance wlth the provlslons appllcable to companles subject to the small companles regime. 2510612025 e flnancial statements were approved by the trustee5 On ........................ Mr Peter Metcalfe FCA Trustee Company registration number 04791136 (England and Wales) 11
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Notes Cash Ilows from operatlng actlvltles Cash genefated from operations 173,919 162,859 In¥ertln$ actl¥ltles Purchase of tangible fixed assets Investment income received 1213,7951 1,126 122,2471 488 Net cash used In Investln8 aCtl¥ltles (212,6691 121,7591 Net c•sh used In Ilnanclni artlvltles Net {decrease)/ln¢rease In ush and cash equlvalents (38,7501 141,100 Cash and cash equlvalents ai beginnlng of year 378,711 237,611 C•sh and cash equlv•lents at end ol year 339,961 378.711 12-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountln8 pollcles Charlty InformatSon The Fusilier Museum and Learning Centre Llmited Is a chaflty limlted by guarantee incorporaled in En8land and Wales. Consequently, the charity does not have share cèpiial. Each of ihe trustees are liable to contribute èn omount not exceeding £1 towards ihe a55et5 of the charity in the event of liquldèlion. The re81Stered office is Moss Street. Bury• Lancashire, 8L9 ODF. 1.1 Accountln8 conventlon The financial 5tatement5 have been prepared under the historical cost convention, in accordance with the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102.1 and the Charlties SORP "Accountin8 and Reportin8 by Charities.. Statement of Recommended Practice applicable to charities preparing thelr account5 in accordance wilh the Flnancial Reporlin8 Standard applicable in the UK and Republlc of Ireland IFRS 1021" leffeclive l January 20191. The charlty Is a Publlc Benefit Entlty as deflned by FRS 102, The financial siatements are Ppared In sterllng, whlch Is the functlonal currency ol the charity. Monetary amounts In these financial statements are rounded io the nearest £. The financial statements have been prepared under the historlcal cost conveniion, Imodifled to include the revaluatSon ol freehold properties and to include investment propertles and certain flnancial instruments at falr valuel. The principal accounting policies adopted afe set out below. 1.2 Golng foncern At the time of approving the financial statements, the trustees have a reasonable empectation that the charlty has adequate resources to continue in operational existence for the foreseeable future. Thu5 the trustee5 continue to adopt the 80in8 concern basis of accountin8 in prepar in8 ihe financial slatements. l.J Charltable funds Unrestricted Income funds are general funds that are avallable for use at the dlscretlon ol the trustees in fvrtherance of thelr chorltable oblectlves. Restricted income funds are those donated for use in a particular area or for speciflc purposes. the use of which Is restricted to that area or purpose. 1.4 Inwme Income 15 reco8nised when the charlty 55 legally entitled to It after any performance conditlons have been met. the amounts can be measured Teliably, and it15 probable that income wlll be received. Donallons and legacles Donations are recognlsed when the charity has been notlfled in wrlting of both the amount and settlement date. In the event that a donalion is subject to conditlons that require a level of performance by the charity before the charlty Is entitled to the funds, the income is deferred and not recognised until either those conditions are lully met, or the fulfilment of those condition5 are wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Legacies gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estaie has communicated in writing both the amount and serrlement date. In the eveni ihat the gift is in the form of an asset other ihan cash or a financial asset traded on a reco8nised stock exchange, recogniilon Is sublect io the value of the glft being relSably measurable wlth a degree of reasonable accuracy and the title to the asset havlng been transferred to the charily. 13-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Actountlng policies Iconllnuedl Grants recelvabl• Grant5 are recognised when the charity has an entitlement to the funds and any conditions linked to the Brant5 have been met. Where performance condition5 are attached to the 8rant and are yet to be met. the income is recognised as a liability and included on the balance sheet as deferred income lo be released. 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligatlon to transfer economic benefSt 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 reliablv. Expenditure is classified by activity. The costs of each activity are made up ol the total of direct costs and shared costs. includin8 SUPPOrt costs involved in undertakin8 each activity. Direct Costs attrlbutable to a sin8le activity are allocated dlrectly lo that activity. Shared costs whlch conlflbule to more than one actlvity and support costs whlch are not attributable to a sin8le acilvity are apporiloned between those actlvlties on a basls conslstent with the use of resources. Central stoff costs are allocèted on the basls of tlme spent. and depreciatlon charges are allocated on the portion of the asset's use. R¥lsln8 funds These are costs incurred in attractin8 voluntary Sncome. the mana8ement of investment5 and those incurred in tradin8 activilies thal raise funds. Ch•rltsble artSvltles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs thai can be allocated directly ¢0 such activities and those cosis of an indirect nature necessary to support ihem. Support costs Support cost5 include central function5 and have been allocaied to actlvity cost categories on a basi5 conslstent with the Use of resource5, for example. allocatin8 property costs by floor areas, or per capita, staff cost5 by the time spent and other costs by their usage. Governance costs These include the costs atiribuiable to the charlty's compllance wlth constitutSonal and statutory requSremenis, Including audit, strategic management and truslees meetln85 and reimbursed expenses. 1.6 TaTh8ible fixed •55et5 Tangible fixed assets are initially measured at cost and subsequently measured at C05t or valuation. net of depreciation and any impairment1055es. Depreciation is reco8nised so a5 to write off the cost or valuation of assets less their residual values over their useful lives on the followin8 bases.. Museum Development Equlpment. Flxtures and FStiln8s Written off over 125 years IO% stralght line The gain or loss arising on the disposal of an asset is determlned as the dlfference between the sale proceeds and the tarrying value of the asset, and is retO8nised in the statement of financial activities. 14-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Actountlng policies Iconllnuedl 1.7 Herftage assets The museum has collections of heritage a55et5 which are held in sUPPOrt of the company's objectives. The directors do not consider that reliable valuations can be obtained because of the nature of the assets held and the lack of comparable markei values. The assets are owned by The Fusiliers Museum Trust Lancashire Iregistered charity 11245281 and are leni io the museum for a perlod of tweniy-five years from 25th Aprll 2Ci19 and thereafter unless and untll the agreement is termlnated by elther party. 1.8 Impalrnient of flxed assets At each reporting end date, the charrty revlews the carrylng amounts of Its tanglble assets to detemline whether there is any indication that those assets have suffered an Impairrneni 1055. If any such Indication e¥ist5, the recoverable amount of the asset 15 e5tifflated in order to determine the extent of the impairment10s5 lif any). 1.9 Stocks Stock is valued at the lower of cost and e511mated selllng price le55 Costs to complete and sell, after due re8ard for obsoleie and slow moving Stocks. Cost Is determined uslng the flrst-in, first-out IFIFOI. Net realisable value Is the estimared selllng prlce less all estlmated costs of completSon and costs to be Incurred In marketSn8, selling and distrlbutlon. 1.10 Cash and cash equlvalents Cash and cash equivalents Include cash In hand and call deposlts, and other short-term highly Ilquld Investmenls that are readily convertible to a known amount of cash and are subject to an insl8nlficant risk of change in value. 1.11 Fin•n¢ial inslruments The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments. and Sertion 12 '0ther Financial In5trument5155ues' of FRS 102 to all of its financial instruments. Financial instruments are reco8nlsed in lhe charity's balance shee¢ when the charitv become5 party to the contractual provisions of the insirumenl. Flnanclal assets ènd liabilitles are offset. wlth the net amounts presented In the financlal statements, when ihere is a legally enforceable right to set off the recogn15ed amounts and therels an Intentlon to settle on a net bas15 oi to realise the asset and settle the liability simultaneouslv. Boslcflnonclal ossets Basic financlal assets. whlch Snclude debtors and cash and bank balances, are Initlally measured at transaction prlte Including transaciion costs and are subsequently carried at amortlsed cost usbng the effective interest method unless the arrangement constitutes a financlng transartion. where the transaction 15 measured at the present value of the future receipts d15counted at a market rate of interest. Financial a$5et5 cla55ified a5 receivable within one year ore not amorti5ed. 15-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Actountlng policies Iconllnuedl Boslcflnonclol Ilabllltles 8asic flnancial Ilablliiies. includlng crediiors and bank loans are initlally recognised at transaciion price unless the arrangement constitutes a financlng transaction. where the debt instrument is measured at the present value of the future payments dlscounled at a market rate of interest. Flnancial liabilitles classifled as payable within one year are not amortlsed. Debt Instrument5 are subsequently carried at amortlsed c05t. Using the effertive Interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified a5 current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are reco8nlsed Inltially al transactSon price and subsequently measured ai amortlsed cosi usin8 the effectSve interesi method. Dereeoonltlon olJlnan¢lal Ilobllltles Financial liabilities are derecognised when the charity's conlractual obligations expire or are discharged or cancelled, 1.12 Tamatlon The charity Is considered to pass the tests set out In Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the defSnSiion of a charilable company for UK corporatlon lax purposes. Accordln8ly, the charity is potentially exempt from taxation Sn respect of income or capltal galns recelved withln categorles covered by Chapter 3 Part I l of the Corporatlon Tax Act 2010 or Sectlon 256 of the Taxatlon of Char8eable Galns Act 1992, to the extent that such Income or 8oln5 are applled excluslvely to charltable purposes. 1.13 Retlrement beneflts The charity operates a defined contrlbution penslon scheme which15 a pen51on plan under which flxed contributions are paid into a pension fund and the charwty has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relaiing to efflployee service in the current and prior perlods. Contributlons to defined contributlon plan5 are reco8nised In the Statement of Financial Aclivitles when they are due. If conlribulion payments exceed the contributlon due for 5ervlce, the excess is recognised as a prepayment. 1.14 Forel8n exchan8• Transactions in currencles other than pounds sterlin8 are recorded at the rates of exchange prevailin8 at the dates of the transactions. At each reporting end date. monetary assets and liabilities that a denominated in forei8n currencie5 are retranslated at the rates prevailing on the reportin8 end date. Gains and losses arising on translation in the period are included in profit or10s5. 1.15 Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordlnary course of buslness. Trade debtOfS are recognised initlally at the transactlon prlce. They are subsequently measured al amortised cost uslng the effective interest method, less provlslon for Impalrment. A provlslon for the Impairment of trade debtors Is established when there is objertive evidence that the charity will not be able to collect all amounts due accordin8 to the original terms of the receivables. 16-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Actountlng policies Iconllnuedl 1.16 Trade credltors Trade credltors are obligations to pay for 8oods Of services that have been acqulred in the ordinary course of buslness from 5upplier5. Accounts payable are classified a5 current liabilitie5 If the charity 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 reportin8 date, they are presented as non.current liabilities. Trade creditors are reco8nised InStially at the transaction price and subsequently measured at amortised cost using the effeciive Interest rate meihod. Crltlcal atcoufttlni estSmates Ind Jud8emenis In the appllcation of the charity'5 accounting policies. the trustees are required to make judgement5, estimates and assumptions about the carrying amount of 355et5 and liabilities that are not readily apparent from other 50urce5. The estimates and a550ciated a55umption5 are based on historical experience and other factors that are considered to be relevant. Actual results may difler from these estimales. The estimates and underlySn8 assumptions are revlewed on an on8olng basis. Revisions to accountlng estlmates are reco8nised in the period in which the estimète is revSsed where ihe revision affect5 only ihat period. or In ihe period of the revision and future periods where the revision affecis both current and future periods. Income from don•tlons and legacles Unreslrlrted funds 2024 Reslrlrted fynds 2024 Total Unrestrlrted funds 2023 RestrSrted tunds 2023 Total 2024 2023 Sponsorship Legacies Granls receivable Regular 8ivln8 and capltal donations Gift aid reclaimed 700 700 700 700 86,518 118.962 86,518 204.281 174,318 208,903 383,221 85.319 11,157 11,157 6,620 4,253 6,620 4,253 186,175 208,903 395,078 217.053 85.319 302.372 Grants Bury MBC MOD 66.804 36,908 16,005 29.167 14,434 ii,ooo 66,804 36,908 16,005 29,167 14,434 219.903 66,804 36,908 250 15,0 66.804 36,908 250 15.000 AMOT RRF ITower of London) Fusilier Aid 5ocletv Other 208,903 85.319 85.319 174,318 208,903 383,221 118.962 85,319 204,281 17-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Income from other tradln8 aCtItIeS Unrestrlcted funds 2024 UnrestrSrted funds 2023 Admisslon Income Cafe income Shop income Room and event hire 8,754 11,709 7.531 13.225 40,029 14.299 75,742 Olher tradin8 activStie5 98.795 72,494 Income from Investments Unr•strlct fuDds 2024 Unr•strlct•d funds 2023 Interest receivable 1,126 488 Other Income Unrestrlcted funds 2024 Unrostrlrted funds 2023 Rental income 19,591 6,310 7,910 1.536 Oiher income 25,901 9,446 18-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Expendlture on ralsln8 funds Unrestrlcted funds 2024 UnrestrSrted funds 2023 Tradlni costs Shop costs Cafe costs Event costs 3,882 4,928 9,574 4,357 3,412 7.294 18.859 ExpendStur• on tharltable artlvltles Fuller Museum 2024 Fuller Museum 2023 Dlrect costs Staff costs 115.689 96,486 Share of support and govemance costs {see note 9) Support Governance 234,410 8,770 144,528 7,309 358.869 248.323 Analysls by lund Unrestrlcted lunds Restricted funds 112,164 246,705 203,861 44,462 358.869 248.323 19-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Support costs allocated to artlvltles 2024 2023 Depreciation Insurance Water rates Repairs and maintenance Telephone Educational Computer, prlntSn8 and stationery Advertising and events Travel and exhlbltion5 Professional fees and char8es Governance costs 45,024 18,455 8,735 47,358 3,277 5.4S5 9,20S 53,390 41,343 2,168 8,770 45,196 13,563 1,656 35,552 2.637 2.268 13,921 24,474 6,187 19261 7.309 243,180 151,837 Analy5ed between: Fusilier Museum 243,180 151,837 2024 2023 Governance costs comprlse: Audit fees 5,395 3,375 3,675 3.634 Accountancy ,770 7,309 io Net movement In lunds 2024 2023 The net movement In funds15 Stated after char8in811creditln81- Fees payable to the charity'5 audltor: - for the audit of the charity's financial statements for Other financial services Depreciation of owned tan8lble fixed assets 5,395 1,000 45,024 3,675 3.634 45.196 11 Tru5tee5 Durin8 the year the charity made the following transactions Wlth trustees.. £1,82112023'. £nlll of expenses were reimbursed to trustees durlng the year. One trustee was reimbursed expenses for various payments relatlng to the upkeep of the museum and It's exhlbltlons. None of the trustees {or any persons connected wlth them) recelved any remuneratlon or benefrts durin8 the year. -20-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 12 Employees The monthly average number ol employee5 lincluding senior managementlleadership team) during the year expressed as full time equivalents was as follows: 2024 Number 2023 Number Administratlon staff Employment costs 2024 2023 Wages and Salaries Social security costs Other pension costs 109.658 4,197 1.833 93,790 1,122 1.574 115,688 96,486 There were no ernployee5 whose annual remuneration was more than £60.OtK). 13 Tamatlon The chariiv Is exempt from taxailon on its activltles because all Its income Is applSed for charitable purposes. 14 TaTr8lble flxed assets Mumwn D•¥•lopm•rt EqulpffwThL FIr•S •nd Flttln Tot•1 Ai l October 2023 Additlons 5.196,654 205,609 174.235 8,186 5.370.889 213,795 AI 30 September 2024 5.402,263 182.421 5,584,684 Depreclatlon and lrnylrment At l October 2023 Depreciation charged in the year 707,930 41,4LK) 171,431 3.624 879,361 45.024 At 30 September 2024 749,330 175,055 924,385 Carrylng amount At 30 September 2024 4.652.933 7.366 4,660.299 At 30 September 2023 4.488,724 2,804 4,491,528 21
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 15 Herlta8e assets Heritage asset5 not re¢ognlsed In the bJlano Sheet The charity holds heritage assets consists of guns. books, silver medals, uniforms and other artefacts Ithe collectionsl. The heritage assets have a nil cost. The collections belon8 to The Fusiliers Museum Trust Lanc35hire and are loaned to the museum at no cost. A5 a result. no value 55 reported for these assets in the balance sheet. 16 St¢xks 2024 2023 Shop stock Bar siock 1,989 794 1,625 1,322 2,783 2,947 17 Debtors 2024 2023 Amounts falllni due wfthln one year: Trade debtors Other debtors Prepayments and accrued Income 43,444 11,038 99 5,049 1,536 44,980 16.186 18 Credltors: amounts fallln8 due wlthln one year 2024 2023 Othef taxatlon and social security Trade credilors Other creditor5 Accruals and deferred income 1,882 28,850 10,184 22,450 15,1891 33,806 16.248 14,587 63,366 59,452 19 Retirement benefit sthernes Z024 2023 Deflned wrfrlbuilon s¢hem Charge to proflt or loss In respect of deflned contrlbutlon schemes 1,833 1,574 The charity operates a defined contribution pension scheme for all qualifyin8 employees. The a55et5 of the scheme are held separately from those of the charlty in an independently administered fund. -22-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 20 Rertrlrted lunds The re5trirted fund5 of the charity comprise the unexpended balance5 of donations and grants held on trust subject to specific condition5 by donor5 as to how they may be used. At i Ortober 2023 Incornlng resourc Resources expended Translers At30 5¢plember 2024 Development fund Collectlons trust Fusiliers Aid Society HLF Collecling Cultures E Gartside Memorial Paintin8 Arts Councll En8land Univetslty ol Manchestei Fusiliers Collection Booth Charities Trustwave RRF Gallery Sarah's Sunflower Fund Valencia Commtsnlty Fund- Basement Project National Heritage . K050vo Project WO Street Zedra Trust Bernard Sunley Fund 3.131,713 2,500 5,980 1.549 150 49,674 20S 3,000 129,0041 12,5001 15,9801 11.5491 3.102,709 150 98,341 {148,0151 12051 18,8WI (iO,O¢))I 8,800 10,000 12,OCK)I 42,500 32,262 119,1521 110,5WI 15.OCKIl 14,OCQI 23.348 21,762 3.194,771 208,903 {246,7051 3,156,969 Pre¥lous ye•r: At l Ortober 2022 IbKomlni resources ResOUe$ expended Transfers At30 5eplember 2023 Development fund Collection5 trust Fusiliers Aid Society HLF Collecting Cultu5 E Gartside Memorial Paintin8 Arts Council England University of Manchester Fusiliers Collection Bury Art Gallery & Museum 3.160.717 3.500 5,980 1,549 150 7,713 489 3,000 776 129,0041 112.2(X)I 3,131.713 2.500 5,980 1,549 150 49,674 205 11,200 71,921 129,9601 12841 12.1981 17761 2,198 3.183.874 85,319 44,462 129.9601 3,194,771 -23-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 21 Fund Descrlptlons The Specific purp05e5 for which the funds are to be applied are as follows: The Development Fund represents varlou5 restricted 8rants for Wofk restorin8 the buildin8 and fittin8 Out the new museum, Booth Charitles grant Is for Sèlford educatSonal vlslts, The Collectlons Trust grant was lor purchasln8 archlve boxes. The £11,200 recelved in the cuirent year was towards salaries. The Fu5111ers Ald Society grant wa5 towards the Llving HiOry Costs. HLF Collectin8 Cultures 8rant provided fundln8 to purchase Items for the collectlon and an activlty plan based around the Items acquSred. The E Gartslde Memorlal Palntln8 fund Is to commSsslon a palntlng In E Gartside's memory. Arts Council England provided a grant for Cultural Recovery following the pandemlc. The £71.921 received in the year is the first part of the MEND project grant for 'Protectin8 a much loved town treasure,. University of Manchester provided a Brant towards repairing the hand dryers. Fusiliers Collectlon provlded a 8rani foi the malntenance of the collectlon, and payment towards insurance premlums. RRF Gallery - Thls Income Is monles recelved from the reglment (The Royal Reglment of Fuslllers at the Tower of London) restricted for the development of the RRF 8allery in the museum, Sarah's Sunflower Fund - This income was following fundraising undertaken by Sarah's Sunflower Fund la charlty set up by the mother of a lady who tragically died of cancer in 20161. This particular fundraising effort raised monies which was restrlcted for the development of the Basement In the museum (The basement project- see below) Basement project The basement ol the museum bulldlng was lying derellct untll the back end of 2024. Monies were raised Irom varlous sourceslsee above and below) but in the main Irom Viridor Waste Management trading as Valencia. These monbes are restrlcied for the development of the basement Into a community space whlch can be rented by Itxal 'nol-for-proflt' organlsatlons. Kosovo project - Th1515 a temporary exhibition to commemorate 25 year5 since the regiment Saw action as part of the UN peace keeping force IKFORI in Kosovo. This was primarily funded by the Heritage Lottery Fund with monies which are restrirted for this particular exhibition. W O Street Trust and Bernard Sunley Fund - See Sarah's Sunflower Fund above. These were two more lunders for the basement project. -24-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 22 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include de5i8nated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l Ortober 2023 Incomlng resources Resources expended Transfers At30 5eplember 2024 General funds 1,635,149 311,997 {119,4581 1,827,688 Prevlous year: At l Ortober 2022 Incomlni rexwr¢¢s Resources expended Transfers At30 september 2023 General funds I,S28,428 299,481 (222,7201 29,960 1,635,149 23 Analysls of net a55ets between funds Unrestrlrted funds Restrlcted funds Total 2024 2024 2024 At 30 September 2024: Tangible 355et5 Current assetsllllabilitles} 1.542,067 56,920 3.118,232 267,438 4,6fJO,299 324,358 1,598,987 3.385,670 4,984,657 Per bolonce sheet 8alance to ollocate 1.827,688 228,701 3.156,969 1228,7011 4,984,657 Unrestrlrted funds 2023 Reslrlded funds 2023 Total 2023 At JO September 2023: Tangible assets Current assetsllllabllitlesl 1.344,292 290,857 3.147,236 47.535 4,491.528 338.392 1.635,149 3,194,771 4,829,920 24 Related party transactions There were no disc105able related party transactions during the year12023 - none). -25-
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 25 Cash generated from operatlons 2024 2023 Surplus for the year 154,737 117,618 Adjustments for: Investment income recognised in statement of financial activities Deprecialion and impairmeni of tangible fixed assets 11,1261 45.024 14881 45.196 Movements In workln8 capltal-. Decrease in Stocks Ilncreasel in debtors Increase in crediiors 164 128,7941 3,914 394 111,9201 12,059 Cash ynerated from operatlons 173,919 162,8S9 26 Analysls of chang In nel fund5 The charity had no materlal debt during the year. -26-