Company registration number 04791136 (England and Walesl Charity regi5twation number 1115452 IEng13nd 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 2025
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Colonel (Reti) Brian M Gorski MBE DL Msc Colonel (Aetiredl James W Denny MBE Lieutenant Colonel lain M Hallam Mrs Kèran P Lee Mrsjoanne A Marsh Mr Peter Metcalfe FCA Mrjames E Bentlev Mrs Grace Mehta Mr Abed Hussain Mr Glyn R Potts (Appointed 5 June 20251 (Appointed 18 December 20241 (Appointed 17 January 20251 (Appointed 24 January 20251 Secretary Mrj Harwood Country of Incorporatlon United Kln8dom IEn8land and Walesl 04791136 Charfty re8l$tratlon England and Wales 11154S2 Rtglsttrèd offltt Mo55 Street Bury Lancashire BL9 ODF Audltor Mitchell Charlesworth IAuditl Limited 3rd Floor 44 Peter Street Manchester M2 SGP Bankers Barclays Bank plc I Central Street The Rock Bury Lancashire BL9 OJN
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS Trustees. report Statement of trustees, re5pon5ibilities Independent audltor's report Staternent of financial acdvitte5 io 8alance sheet li Statement of tash flows 12 Notes to the linancial statements 13-27
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECtORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 The trustees present their annual rep)rt and financial ststements for thÈ ar ended 30 September 2025. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's governing document. the Companies Act 2006 and "Accounting and Reporting by Charities.. St3tement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporring Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 20191. Oble¢d¥es and advltles Objectives and Activities of the rnuseum are to:. Collect. preserve and interpret artelacts and records from the Rwment's history for the benefi't of the wider community. Raise awareness and contribute to the understandin8 of the Regiment's activities. Celebrate and mark its relationship with the towfts of Bury and ftochdale and the City of Salford Ithe Regiments. Freedom towns and main recruitin8 areas), and their people, and $0 develop local pride ènd sense of place. Encourage young peoplè to learn about Regimental and related history. Interpret Its ColleconS from the widest ptrspethves to make them relevant to all people IrresptIVe ol age, race or di5abilltv. Raise awarene$5 and contribute lo the understanding of the Regiments and the British Army. Public benefit The FusS1ier Museum Bury, preserves and presenis for the benefit ol the public and Regiment, key elements Sn the nadon's hSstory In the contexi ol two Regiments.. holdin8 the tollectlon of the Lancashire Fusiliers and the Royal Re8iment of Fusiliers. the modern regimeni into which ihe Lancashire Fusiliers were amalgamaied in 1968. It plays a fundamental role in the education ol audience5 in the region and 15 an è55èntial part of the cultural quarter of 8ury providing a key visitor attraction In the town and region. The tru5tee5 confirm that they have complied with the requirements o15ection 17 of the Charitie5 Act 2011 to have due regard to the public benefi't guidance published by the Charity Commission lor England and Wales. Achlevements and performan¢e Rlsks The primary risks to the museum can be summafised as follows:_ 11 Changes in grant funding sources. 21 Change in MOD 5UPPOrt. 31 Building maintenance costs. 41 Visitor numbers. Summary The museum Ss In a stable fi.nancial position. It has a progrnm of future events which we trust wll confjnue to attracr vlsitors to the rnu5eurn. The Board of trustees would like to make a special mention of the support provided by Bury Council, the National Army Mu5eurn. the Booth Charities. the National Heritage Lottery Fund and the Art5 Council England for their continued support.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECtORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Financial instwments ObJe¢rfves undpollcles The charSty'S acttvlttes expose it to a number of th"nancial risks including credit risk. tash flow risk and liquidity risk. Cashflow rlsk The Charity'5 activitres expose it primarily to the financial risks of changes in interest rates. Interest bearing as5et5 and liabilities are held at fixed rate to ensure certainty ol cash flows. Credlt rtsk The Charity's prlnclpal ffnanclal assets are bank balances. a wealth mana8ement investment fund, osh and trade and other receivables. The Charity's credit risk is primarily attributable to its trade receivables. The amcunts presenied in the balance sheet are net of allowances for doubrful receivables. The credlt rSsk on1SquSd furnds is limiied be£ause the counterparties are banks with high tredil-ra16n8s. The charity has no significant ConCentraDn of credit risk. with exposure spread over a large number ol cOunterpare5 and custorners. Llquldlty rlsk In order to maintain liquidity to ensure that sufficieni funds are available for on8oin8 operations and future developments, the Charity uses a mixture of long-term and short-ierm deposiis. Flnanclal revlew In the year to 30 September 2025. income amounted to £368.357 compared to £520.901 in the year tg 30 Septernber 2024. Thls has resylted in a deficit for the current year of £5.(KM compared to a surplus in the previous year 91 £154,737. We continue to be supported on an annual basis by both 8ury MBC and the R¢)yal Regiment of Fusiliers. At the year end the 8alance Sheet shows a healthy position with net current assets of £350,779. Reserves policy The rnu5eurn continue5 to hold £150k in reserve. This reserve. in the opinion of the trustees. is wuired to bridge the gap between expenditure and incorne to cover unplanned emergency repairs andlor other expenditure which May arise.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECtORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Strurture, Bovernan¢e and mana8ement The Fusilier Museum Bury, is a registered independent Charity and a Company timited by Guarantee. The objectives and aims of the charity are set out below. The Charity registration number". 11154S2 and the Company registr*on number is 04791136. It is governed by a Board of Trustee/Directors consistinR of representstives of the Regiment, local business and the museum community. The Board meets regularly Iquarterlyl to VIeW strate8yi review finances, museum activities, receive the reports of the museum officers and mana8e maintenance issues and HR issues ihai are raised by the management staff. The museum artefatts are owned by a separate'Collecn"ons Tru. and loaned to the museum for disklay. Under the terms of the loan agreement the museum is responsible for for the conservation of these artefact5 With limited support from the collections trust. The Chair of the Collections Trust is represented on the rnuseum Board of Truste. the Museum Chair 5its on the Collection Trust Board. The museurns 3ctivitie5 are for public benefit as evidenced by the vision and mission statement and the objectiveslaims listed below. The museum also works closely with Army Museum's Ogilvy Trust IAMOTI, the National Army Museum INAMI and the MOD through the Army Herita8e Branch. The Trustees have had re8ard to the Charity Commission's public benefit 8uidance. General Data Protertlon Re8uladon IGDPRI AII GOPR requlrements have been met. The trustees, who are also the directors for the wrpose ol company law, and who served during the year and up to the date of 518nature of the financial stètements were.. Colonel (Retiredl 8rian M Gorski MBE OL MSC Colonel (Retired) James W Denny MBE Lieutenant Colonel lain M Hallam Mrs Karan P Lee Mrs Joanne A Marsh Major Richard M Smith Mr Peter Metcalfe FCA Mr Jame5 E Bentlèy Mrs Grace Mehta Mr Abed Hussain Mr Glyn R Potts IResi8ned l December 20241 (Appointed 5 June 20251 (Appointed 18 December 20241 (Appointed 17 January 20251 (Appointed 24 January 20251 Recruitment ond oppointment of trustees Trustees are recruited by recommendaknon Irom existing trustees. Candidates with suitsble skills and qualifi'cations would be considered based on their skills and qualifi"tètions and the reqU1MentS 01 the museum. The appointsllent of new trustees would be made by the circulation of recomrnendations to the existing board of trustees fortheir approval. None of the trustee5 has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECtORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 The company's current policy concerning the payment of trade creditors is to follow the CBI'S Pronyt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WCIA IDUI. The company's current policy conterning the payment of trade creditors is to.. settle the terrn5 of payment with Suppliers when agreeing the terrn5 of each transathoTh,' ensure that supplier5 are made aware ol the terms of payment by inclusion of the relevant terms in contrdCts- and pay in accordance with the company's contractual and other legal 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 during the year. Auditor In accordance with the company's artlcles, a resolution proposin8 that Mitrhell Charlesworth IAudr(l Limited be reappolnted as auditor ol the company will be put at a General Meeting. The trustees, report was approved by the Board of Trustees. Mr Peter Metcalfe FCA Trustee 2210612026 Date..
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025 The trustees, who are also the dirertors of The Fusilier Museum and Learning Centre timited for purpose of company law, are responsible for preparing the Trustees. Report and the h"nancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Genernlly Accepted Accounting Practice). Company law requires the tru5tee5 to prepare th"nancièl 5tatement5 for each h"nancial year which 8p4e a true and fair view tsf the state ol affair5 of the charity and of the incoming resources and application of resourtes. intluding the income and expenditure. ol the charitable company for that year. In preparing these ffnancial statements, the trustees are required to.. select suitable accounting policies and then apply them consistentlv.. observe the methods and principles in the Charities SOAP.. make judgements and estimates that are reasonable and prudent.. state whether applicable UK Accounrng Standards have been followed, subjert to any material departures dlsclosed and explained in the financial stsiements., and prepare the linancial statements on the going concern basis unless it is inappropriate to presume that the tharity will continue in operation. The trustees are responsible for keepin8 adequate accgunting records that disclose with reasonable accuracy at any time the financial positign ol the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevendon and detectt'on of fraud and other irre8ularities.
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 LIMrrED Oplnlon We have audited the financial statements of The Fusilier Museum and Learning Centre bmited (the 'charity'l for the year ended 30 September 2025 which ¢omprise the ststement of financial activities. the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial pting framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportin8 Standard 102 The Finoncitsl Reporting Stondord opplicuble the UK tsnd RepublK of Irelond (United Kingdom Generally Accepted Acctsunting Pratticel. In our opinion. the financial statement5-. give a true and fair view of the state of the charitable company's alfraits as at 30 September 2025 and of its incoming resources and application ol re50urce5. lor the year then ended.. have been properly prepared in accordance with United Kin8dom fjenerally Accepted AcCoUnn8 Prathce,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducred our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and appltcable law. Our responsibilities under those standards are further described in rhe Auditor's responsibilities for the oudir of the Trnonciol statements section of 0r report. We are independent of the charity in accordance with the ethical requirements that are relevant io our audlt ol the flnancial statemenis in the UK, includin8 the FRC'S Eihical Standard, and we have fulfi'lled our other ethlcal responsibllities In accordance with these requirements. We belleve that the audit evldence we have obtained Is suflicient and appropriate to provide a basis for our opinion. Conclu51ons relan8 to golng concern In auditln8 the hnancial statements, we have tontluded ihat the trustees, use of the going concem basis ol accounfjng in the preparation of the fi'nancial staternents is appropriate. Based on the work we h3Ye perforrned, we have not identified ary material uncertainties relatin8 to events or condition5 that, individually or collectively, May cast sigrsilicant doubt on the charity's ability to continue as a Ing concern for a period o13t least twelve months from when the financial statements are authorised for issue. Our responsibilities and the spOnSIbl11eS of the trUee$ wilh respecr to 80in8 concern a described in the relevant sections of this report. Other Informatlon The other inlorrnation comprises the information included in the annuèl report oiher than the fi"nala1 statements and our auditor's report thereon. The trustees are responsible lor the other information contained within the annual report. Our opinion on the financial statements does not c¢)ver the other information ènd we do not exp$5 any form of assurance conclusion thereon. Our responsibility 15 to read the other information and. in doing 50, consider whether the other information is materially incon5iStent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially mi5Stated. If we identify such material incon515tencies or apparent material mi5Staternents, we are required to determine whether this gives rise to a material misstatement in the hnancial st*ements them5elve5. If. based on the work we have performed. we conclude that there 15 a material misstatement of this other information, we are required to report that fart. We have nothing to report in this regard.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT {cOlNUED} TO THE TRUSTEES OF THE FUSILIER MUSEUM AND LEARNING CENTRE LIMrrED Matters on whlch we are requlred to report by exCepOn We have nothing to report in respect of the following matters in relation to which the Charities (Accounts 3nd Reports) Regulations 2(KJ8 requires us to report to you if. in our opinion= the information given in the fi.nancial atementS is inconsistent in any material $pert with the trustees, report,. or suflicient accounting records have not been kept- or the fi'nancial statement5 are not in agreement with the accounting record5.' or we have not received all the information and e¥planao"ons we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities, the irustees, who are also the directors of the charity for the purpose ol company law. are responsible lor the preparation of the financial 5tatement5 and for being satisfied that thev give a true and fair view. and for such internal control a5 the trustees deterrnine 15 necessary to enable the preparation of financial 5tatement5 that are free from material misstatement. whether due to fraud or error. In preparing the h'nancial 5tatementS. the trustees are responsible for assessing the charity's ability to continue a5 a going concern, disclosing. as applicable. rnatters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operarions, or have no realistic alternative but to do so. Audltor's responslbllldes for the audlt of the flnan¢lal Matements We have been appointed as auditor under section 144 of rhe Charbbes Art 2011 and report ITr accordance with the Act and relevant regulations made or having effect thereunder. Our objecttves are to obtain reasonable assurance aboul whether the financial statements as a whole are free from material misststement, whether due io fraud or error. and to issue an auditor's veport that includes our opinion. Reasonable assurance is a high level ol assurance but is not a guarantee that an audit £onducted in accordance with ISAS IUKI will always detect material misstatement when it exists. Misstatements can arise from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expected to influence the economic deci5ioThs of users taken on the basis gf these financlal statements. Irregularities, including fraud, are Instances of non-compliance with laws and re8ulations. We desi8n procedures in line with our sponsibl11ties, outlined above, to detect material misstatements in respect ol irre8ularities. includin8 fraud. The extent to which our procedures are capable of detecting irregularitfes. including Iravd. is detailed below. We identify and assess the risks of material misstatement of the financial Statements. whether due to fraud or error, and then design and perform audit procedures responsive to those risks. including obtalning audit evidence ttrAt is sufficient and appropriate to provide a basis for our opinion. Identlfylng and assessln8 Potentlal rfsks related to Irre8ulartlfjes In identifying and assessing risks of material misstatement in respett of ir8ularItie$, includin8 fraud and non-compliance with laws and reeulations, we considered ihe lollowin8'. the nature of the industry and sector, control environment and busines5 performance,. the company'5 own as5es5meTht of the risks that irregularitie5 rnay occur either as a result of fraud or error- the result5 of our enquirie5 of rnanagement and mernbers of the Board of Directors of their own ldertifiti0n and a5se5sment of the risks of irregularities- any matter5 we identified having obtained and reviewed the company's documeThtation of their polic5 and procedures relating to.. identifying, evaluating and complying with laws and reRulations and whether they were aware of any instsnces of non-compliance.. detecting and responding to the risks of fraud and whether they have knowledge of any actual, su5Cted or alleged fraud., the internal controls established to mthg3te risks of fraud or non<ompliance with laws and regulations,. and the rnatters di5CU55ed the audit engagement team lerdIng how and Whe fraud might occur in the linancial 5tatetnent5 and any potential indicator5 of fraud.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT {cOlNUED} TO THE TRUSTEES OF THE FUSILIER MUSEUM AND LEARNING CENTRE LIMrrED As a SuIt of these procedures, we considered the opwrtunities and inceniives that may exist within the company for fraud and identified the greatest potential for Iraud in the following area= the timing of the recognition of revenue. In cornmon with all audit5 under ISA5 IUKI. we are also quIred to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the company operates in. focusing on provisions of those laws and regulations that had a dirert effect on the determination of material amounts and disclosures in the fi'nancial statements. The key laws and regulations we considered in this context included the UK Companies Act and local taxation legislation. In addStton, we consSdered provlsSons of other laws and regulatlons thai do not have a dlrett effect on the fi"nancSal statements but compllance wlth which may be fundamentsl to the company's ability to opera* or to avoid a Mateal penalty. These included Data Protection Regulations. As a result of performing the above. we identified the timing ol the recognition of revenue as the key audit matter re13ted to the potential risk of fraud. In addition to the above, our procedures to respond to risks identified included the following.. reviewing the linancial statement ijisclosures and tesrinR to supponin8 documentation to assess compliance wlth relevant laws and regulations described above as havin8 a direct effect on the financial statements,. • enquirin8 of management and Membe ol the Board of DirectNs concernlng actual and potenal litiga0n and claims.. performing analytical procedures to idenisfy any unusual or unexperted rela15onships that may indicate risks of material misstatement duè to fraud: • reading minutes of rneetings of those charged with govèrnancè and revièwing corrèspondèncè with rèlevant authorities where matters identilied were 518nithcant.' and in addressing the risk of fraud through management override of controls. testing the approprlateness ol journal entries and other adjustmersts,. assessing whether the judRements made in making accounting esty'mates are indicative of a potential bias,. and evaluatin8 the business rationale of any si8nificaTht transactions that are unusual or outside the normal course of business. We also communlcated relevant idenrified laws and reBulatsons and potenfjal Iraud risks to all engagement team members and remained alert to any indicaoNS of fraud or non-tompliance with laws and regulafjons throughout the audit. A further description of our responsibilities is available on the Financial Reporting Council's web51te at.. https.'// www.Irc.orB.uk/auditorsresponsibilities. 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 {cOlNUED} TO THE TRUSTEES OF THE FUSILIER MUSEUM AND LEARNING CENTRE LIMrrED Use of our port This report is made solely to the charity's trustees. as a tM)dy. in accordance with Part 4 of the Charities IActounts and Reports) Regularion$ 2(M)8. Our audit work has been undenaken $0 that we might stste to the tharity's trustees those matters we are required to stste to them in an auditor's report and for no orher purpose. To the fullest extent pem)itted by law, we do not accept or assume responsibility to anyone other than the charity and the tharity's trustees as a bo(ty, for our audlt work, for this report, or for the opinions we have lormed. Mltchell Charlesworth IAuditl Limlted 2410612026 Accountants Statutory Audltor 3rd Floor 44 Peter Street Manchester M2 5GP Mltchell Charlesworth IAuditl Limited is eli8ible lor appointment as auditor OF the charity by vlrtue ol Its ell8lblllty for appointment as auditor ol a company under settion 1212 of the Comparties Act 2006.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unrestrirted funds Resirlrted funds Total Unrtstricted funds Restrftted funds Total 2025 2025 2025 2024 2024 2024 Notes Income and endowments from- Donations and legacies Other trading activities Investments Other income 156.384 76.CO) 454 34.754 l(K).765 257.149 76.C(lJ 454 34.754 186.175 98.796 1,126 25.901 208,903 395,078 98,796 1,126 25.901 Total Income 267,592 ICQ,765 368,357 311,998 208,903 520,901 Expendlture on: Raisin8 funds Charitable actlvlttes 5,816 291.978 5.816 374.095 7,294 112.165 7.294 358.870 82.117 246,705 Total expendlture 297.794 82.117 379.911 119.459 246,705 366.164 Net 8ainslllossesl on inve5tment5 13 2.185 2.185 Net Incomellexpendlturel 128.0171 18.648 19.3691 192,539 137,8021 154,737 Transfers between funds Other reco8nlsed 8alns and losses: Other gaSns 15 4,365 4.365 Net rnovernent in funds io 120.6521 15.648 I5.c4) 192.539 137,8021 154.737 Recon¢lllatlon of fvnds.. Fund balance5 at l October 2024 1.827.688 3.156.969 4.984.657 1.635.149 3,194,771 4.829.920 Fund balances at 30 September Z025 1,807,036 3,172,617 4,979,653 1,827,688 3,156,969 4,984,657 The statement of financial aCDvities includes all gains and losses COgnised in the year. All ir*ome and expenditure derive from continuing actiwties.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET ASAT30 SEPTEMBER 2025 2025 2024 Fixed assets T3n8ible assets 16 4,628,874 4,660,299 Current a55ets Stocks Debtors Investments Cash at bank and In hand 19 20 21 1.783 55,454 IS6.550 2tKI.951 2,783 44,980 339,961 414.738 163.9591 387.724 163.3661 Credltors: amounts lalllng due wlthln one year 22 Net Current •ts 350,779 324.358 Total assets less current Ilèblll•s 4,979,653 4,984,657 The lunds of the charlty Restricted income funds Unrestricted lund5 24 25 3,172,617 1.807,036 3,156,969 1,827,688 4,979,653 4,984,657 The charity is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2025, although an audit has been carried out under section 144 of the Charities Act 2011. The direttors acknowledge their responsibiliDes for complying wilh the requ1MentS ol the Companies Act 2LX)6 wlth respect to accounnn8 records and the preparation of financial statements. The member5 have not required the company to obtain an audit of its financial 5tatement5 under the requirements ol the Companies Act 2006. for the year in question in accordance with section 476. These financial statement5 have been prepared in accordance with the provisions applicable to companies subject to the 5rnall companies regime. 22 0612026 The financial statements were approved by the trustees on......................... Mr Peter Metcalfe FCA Trustee
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Cash fflows from oper*ln6 ?¢tlvthes Cash generated from operations 29 24,044 173,919 Investing activities Purchase of tangible fixed assets Purchase of investments Investment income received 113.5081 1150,1XN)I 454 1213.7951 1,126 Net ¢a$h used In Investlng actlvldes 1163,0541 1212,6691 Net cash generated Irom flnancSnB a(tMtles Net decrease In Cash and cash equlvalents 1139,0101 138,7501 Cash and cash equivalents at begSnnSn8 of year 339,961 378.711 Cash and cash equSvalents at end of year 2(,951 339,961
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accoundn8 poll¢les Charity information The Fusilier Museum and Leamin8 (erf Limited is a charity limited by guarantee incorporated In England and Wales. Consequently, the Charity does not have share capital. Each of the trustee5 are liable to Contribute an amount not exceeding £1 toward5 the assets of the charity in the event of liquidation. The registered office is M05s Street, Bury. Lancashire. BL9 ODF. 1.1 Basis of preparation The financial staternents have been prepared under the historical cost convention. in accortlance with the Companies Act 2006, FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Statement ol Recommended Prdctice applicable to charitles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective l January 20191. The charity is a Public 8enefit Entity as defined by FRS 102. Thè fi'nancial ststements arè prepared in sterlin& whith is the functional turrèncy ol thè tharity. Monetary amounts in these financi31 statement5 are rounded to the nearest £. The flnantlal statemènts have bttn Pared under ihe historital tost convtntton, Imodified to indude the valUaOn of freehold properties and to include investment properties and certain financial instrumeThts at fair valuel. The principal accounting policies adopted are set out below. 1.2 Golng concern Ai the time of approvin8 the fi.nancial statements, the irustees have a reasonable expectation that the charity has adequate resources to Contine in operanonal existence for the fOSee3b1t future. Thus the trustees contsnue to adopt the going concern basis of accounttng in preparin8 the finantial statements. 1.3 CharltablÈ lunds Unrestricted income funds are 8eneral funds ihat are available for use at the dISction of the trustees in furtherance of their £haritable objethves. Restricted income funds are those donated for use in a parhcular area or for specific purposes. the use of which is restricted to that area or purp95e. 1.4 Income Income is recosnised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Donations and legacies Oonation5 are recogni5ed when the charity ha5 been nthified in writing of both the amount and settlement date. In the event that a donation is Subject to conditions ihat require a level of performance by the charity before the charity is entitled to the funds. the income 15 deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions are wholly within the control of the charity and it is probable thatthese conditions will be fulfilled in the reporhng period. Legacies gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the pft is in the form of an asset other than cash or a linancial asset traded on a ¢08Th1$ed Ock exchange. recognition is subject to the value of the gift being reliably measurable with a de8ree of reasonable accuracy and the title to the a55et having been transferred to the charity.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountin8 policies (Continued) Grants welvable Grants are recognised when ihe charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions a attached io the Rrant and are yet to be met, the income is cognised as a liability and included on the balance sheet a5 ijeferred income to be released. 1.5 Expenditure Expenditure 15 recogni5ed once there is a legal or constructive obligation to tran51er economic bthefit to a third party, it 15 probable that a transfer of econornic benefits will be required in settlernent. and the amount of the obligation can be measured reliably. Expenditure is cla5sifred by activity. The costs of each activity are made up of the total of dirKt costs and sh3red costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that actr'vity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apporboned between those acrivin'es on a basis consistent with the use of resources. Central staff costs are allocated on the basis ol time spent, and depreciation char8es are allocated on the portion of the asset's use. Rals5ng funds These are c05t5 incurred in attracting voluntsry income. the management of investmeThts aThd those incurred in trading activitie5 that raise funds. Charlfable a¢d¥ltles Charitable expenditure comprises those costs incurred by the charity in ihe delivery of its activities and services lor its beneliciaries. It includes both costs that can be allocated direetty to such athvities and those costs of an indirect nature necessary to support them. Support Costs Support costs include central funcDons and have been allocated to activity Cost categories on a basis consistent with the use of resources, for example, all(KaDn8 property costs by fioor aa$, or per capita, aff costs by the time spent and other costs by their usaee. Governance costs These include the costs attributsble to the charity's compliance with constitutional and Statutory requirernents. including audit, Strategic management and trustee5 meetings and reirnbursed expenses. 1.6 Tanglble flxed assets Tangible fixed a55et5 are initially measured at cost and subsequently rneasured at C051 or valuation. net of depreciation and any impairment1055e5. DeprlatiOn is recognised 50 85 to write off the cost or valuation of asset5 les5 their residual value5 ovew their useful lives on the following bases: Museum Development Equipment, Fixtures and Fithngs Written off over 125 years IO% strai8ht line
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountin8 policies (Continued) The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. 1.7 Heritage assets The museum has collections of heritage assets which are held in support of the compary's objectiv. The directors do not consider that reliable valuations can be obtained 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 ch3ritv 11245281 and are lent to the museum lor a period of twent*five years from 25th April 2009 and thereafter unless and until the agreement is terminated by either party. 1.8 Impalrment of flxed assèts At each reporting end date. the charity reviews the carrying amounts of its tsngible assets to determine whether there is any indication that those a55et5 have suffered an impairment loss. If any such indication exists. the recoverable amount ol the a55et is estimated in order to determine the extent of the impairment loss lif any). 1.9 Stocks Stock 15 valued at the lower of c05t and e5tlmated Selling price less tosts to complete and sell. after due regard for obsolete and slow movin8 Stocks. C05t 15 determined using the first-in, lir5t-out IFIFOI. Net realisable value is the esttmatèd selling price less all èstimated costs of eompletion and costs to be inturrèd in marketing. sèlling and distribution. 1.10 Cash and cash equlvaltnts Cash and cash eouivalents include cash In hand and call deposits, and other short-term hlghly Ilquld Investments that are readSly converttble to a known amount ol cash and are subjert io an Inslenlh'cant risk of chan8e In value. 1.11 Flnanclal Instruments The charity ha5 elected to apply the provisions ol Section 11 'Basic Financial Instrument5, and Section 12 '0ther Financial Instruments Issues. ol FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitys balance sheet when the charity becomes party to the contractual provislons of the instrument. Financial assets and liabilities are offset, with the net amounts presented in ihe h"nancial statements, when there is a legally enforceable right to set off the recognised arnounts and there is an intention to settle on a net basis or to realise the a55et and settle the liability simultaneousty. Bosicfiftttn¢ittl ossets Basic finzncial assets. which include debtor5 and cash and bank balances. are initialw measured * transaction price including transaction cost5 and are subsequently TrIed at amortised cost Using the effective interest method unless the arrangernent constitutes a financing transaction. where the transaction is measured at the pre5ert value of the future receipts discounted at a market rate of interest. Financial assets classified a5 receivable wthin one year are not amorhsed.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountin8 policies (Continued) Bosicfinonciul liobtilities 8asic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constirutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortfjsed cost. usin8 the effective interest rate method. Trade creditor5 are obligations to pay for good5 or services that have been acquired in the ordinwy course ol operations from supplier5. Amounts payable are cla55ified as current liabilitie5 if payment is due within one year or less. If not, thev are presented 35 non-current liabilities. Trade creditors are recognised initially at transaction price and subsequentlv measured at amortised cost using the effective interest method. Derecognliion oAfinunclalllobllliie5 Financial liabilities are derecognised when the charit¥ls contrartual obligations expl or are discharged or cancelled. 1.11 Taxatlon The charity is consldered io pass the tests sei out in Para8raph I Schedule 6 of the Finance Act 2010 and therefore It meets the definiOn ol a charitable company lof UK corporation tax purposes. Aecordin8ly. the charity is potentially Èxempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 ol the Corpor3tion Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income gr 8ain5 are applied exclusively to charitsble purpose5. 1.13 Retbrement benefits The charity operates a defined contributlon pension scheme whlch Is a pension plan under whlch tixed contrlbufjons are paid into a pension fund and the tharity has no legal or construthve obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relaiin8 to employee service in the current and prior periods. Contributions to defined contribution plan5 are recognised in the Statement of Financial Activities when they are duè. If ontribution payments exceed the contribution due tor service, the excess is recognised as a ppaYMent. 1.14 Forelgn exchange Transactions in currencies other than pounds elling a recorded at the rates of exchange prevailin8 at the dates of the transactions. At each reporting end date. monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rètes p¥allIng on the reportin8 end date. Gains and losses arisin8 on translatw)n in the period are included in profit or Ios5. 1.15 Trade debtors Trade debt0 are amounts due from customers for merchandise sold or services performed in the ordlnary course of business. Trade debtors are cOgnised initially èt the transaclion pri. They are subsequently MeaSud at amorknsed cost using the effective interest rndhod, le55 provision foi impairment. A provision for the impairment of trade debtor5 IS established when there is objective ewdence that the charity will not be able to collect all amount5 due according to the original terms of the receivable5.
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountin8 policies (Continued) 1.16 Trade credltors Trade creditOT5 are obligaon5 to pay for goods or Services that have been acquired in the ordinJy course of bu5ine55 from suppliers. Accounts payable are classih-ed as 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 ater the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transachon price and subsequently measured at amcrtised cost using the effective interest rate method. Crlll¢al o¢countln8 estSmates and ludgements In the application of the charity'5 accounting policie5. the trustees a required to make judgement5, estimates and assumption5 about the carrying amouTht ol a55ets and liabilities that are not readily apparent from other sources. The estimates and associated assumption5 are based on historical experience and other factor5 that are considered to be relevant. Actual results may differ Irom these estirnat. The estimates and underlying assumptions are reviewed on an ongoing basi5. Rewsions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that pericé, or in the period ol the revision and future periods where the revision affects both current and future periods. Incom• from donatlons and l•8acl•s Unre5trlded Restrlrted funds funds 2025 2025 Total UnstrIcted funds 2024 Re5trlded funds 2024 Tgtsl 2025 2024 Sponsorship Grants receivable Re8ular 8ivin8 and capital donarions 700 700 154,176 I,765 254.941 174.318 208,903 383.221 1,608 1,608 11,157 11,157 156.384 I.765 257.149 186.175 208,903 395.078 Grant5 BuryMBC MOD AMOT RRF (Tower of London) Fusilier Aid 5ocietv Fusilier Collection Trust Other 66,804 36.908 25.864 66.804 36,908 25.864 66.804 36,908 I6.s 29,167 14,434 66,804 36,908 16,005 29.167 14,434 15.(KK) 15.(KK) I.765 100.765 ii.c*)o 208.903 219.903 154.176 I.765 254.941 174.318 208,903 383,221
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Income from other tradln8 artlvltles Unrestricted funds 2025 Unrestricted funds 2024 Adrni5sion income Room and eveni hire 23.779 52,221 23,054 75,742 Other trading acttvities 76.000 98.796 Incoffle Irom Investments Unrestrl¢ted funds 202S Unrestrlcted fund5 2024 Interest receivable 454 1,126 Other Income Unresirlcted fund$ 2025 Unrestrlcted funds 2024 Rental income Other income 27.230 7.524 19.591 6.310 34.754 25.901 Expenditure on raising funds Unrestr5cted Unrestrlcted tund5 202S fund5 2024 Trading costs Shop costs Event costs 5,816 3,882 3,412 5,816 7,294
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Expendlture on ¢harltaWe athldes Fusilier Museum Museum 2025 2024 Direct Costs Staff cost5 120.638 115,688 Share of support and governance costs15ee not¢ 91 Support Governan£e 245.886 7,573 234,410 8,770 374.097 358.868 Analysls by fvnd Unrestricted funds Restricted funds 291.978 82.117 112,165 246.705 374.095 358,870 Support costs zllocated to zcllvMes 2025 2024 Depreciation Insurance 44,933 17.552 9,307 40,396 2.547 1,542 19,220 90.91S 19,182 I,(X)8 17161 45.024 18,455 8,735 47,358 3,277 5,455 9,205 53,390 41.343 2,168 Water rates Repairs and maintenance Telephone Educattonal Computer, printing and stationery Advertising and events Travel and exhibitions Professional fees and char8es Bad debts Governance costs ji 7,573 .770 253.459 243,180 Analysed between: Fusilier Museum 253,459 243,180
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Support costs allocated to activitres (Continued) 202S 2024 Governan¢e ¢osts Compdse: Audit fees Accountancv 5.650 1,923 5.395 3,375 7.573 8.770 10 Net movement In funds 2025 2024 The net movement in funds is stated after char8in811creditin81- Feès payèble to the charity's auditor.. - for the audit of the charity's fi.nancial ststements for other financial services Oepreciation ol owned tangible Ilxed assets 5,650 5,395 I,ooo 45.024 44.933 li Trusteès During the year the charity made the following transactions with tru5tee5.' £1,82112023.. £nill of expenses were reimbursed to tru51ees during the year. One trustee was reimbursed expenses for various payments relating to the upkeep of the museum and it's exhibitions. None ol the trusiees lor any persons connected with theml received any remuneraiion or benefits durin8 the year. 12 Employees The monthly average number of employees lincludin8 senior mana8ementleadership team) durin8 the ar expressed as full time equivalent5 was as follows.. 2025 Nurnber 2024 Number Administration staff Employment ¢osts 2025 2024 Wages and salaries Social security Costs Other pension costs 116,111 2.459 2,067 109,658 4,197 1.833 120.637 115,688
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 12 Employees (Continued) There were no employees whose annual remuneration was more than £60.¢XYJ. 13 Gains and losses on in¥ertments Unremrlcted funds 2025 Unrestrlcted funds 2024 Gainslllossesl arising on.. Revaluation of Investments 2,185 14 Taxadon The charity Is exempt from taxatton on its ac1fjviÈS because all lis intome is applied for charitable purposes. 15 oihei galns and losses Unrestr5cted funds 2025 Unrestrlcted fund5 2024 Gainslllossesl upon.. Forelgn exchange 14.3651 16 Tanglble flxed a59ets Museum eyeloprnent E4ulpmenL Flthirts •nd Total Cost At l Octobev 2024 Arlditions 5.4102.263 11,068 182,421 5.584.684 13,508 At 30 September 2025 5.413.331 184,861 5.598.192 Deprttiation and impairment At l October 2024 Depreciation charged in the year 749.330 41.333 175,055 3,6 924,385 44,933 At 30 September 2025 790.663 178,655 969.318 Carrylng amount At 30 September 2025 4.622.668 6,206 4,628,874 At 30 September 2024 4,652,933 7,366 4,660,299
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 17 Herlta8e assets Herlta8e assws not reco8nlsed In the balan¢e sheet The charity hold5 heritage assets consists ol guns. books. 5ifver medals. uniforrn5 and other artefacts Ithe collections1. The heritage as5et5 have a nil c05t. The collections belong to The Fusiliers Museum Trust Lancashire and are loaned to the rnuseurn at no cost. A5 a resu. no value is reported forthese assets in the balance sheet. Flnanclal instruments 2025 2024 rrying amount of thnzncial assets Instruments rnea5ured at lair value through protht or1055 156.550 19 Stock5 2025 2024 Shop stock Bar stock 1,783 1,989 794 1,783 2,783 20 Debtors 2025 2024 Amounts talllng due wlthln one year: Trade debtors Prepayments and accrued income 55,454 43,444 1,536 55,454 44,980 21 Current asset Investments 2025 2024 unlisted investments 156,550
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 22 Credltors.. amounts fallln8 due wlthln one year 2025 2024 Other taxation and social security Trade creditor5 Other creditors Accruals and deferred income 5,493 3S.996 199 22,271 1.882 28,8SO 10.184 22,450 63,959 63.366 23 Retlrèment bèn1 sthèmes 2025 2024 Dened ¢ontrlbution schemes Charge to profi.t or loss in respect of deflned contrlbution schemes 2,067 1,833 The charity operates a defined contributlon pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 24 Re5trlcted funds The restricted funds gf the charity comprise the unexpended balances of donations and grants held gn trust subject tg specific condltions by donors as to how they may be used. At l Ortol¥er 2024 Inwmlng
ye$ Re50ur¢es expende41 Transfer5 At30 September 2025 Development fund Greater Manchester Combined Authority E Gartside Memorial Paint5n8 Arts Council England Enterprise Fund- Reception remodel Fusiliers Collection VEIVJ DAY Exhibition Booth Charitie5 Tru5twave RRF Gallery Valencia Community Fund- Basement Projett National Heritage- Kosovo Project 3.102.709 3.102,709 li.() 11.000 150 11501 40,622 40,622 15.C 15.000 13,LK)01 15,LKKJI 12,(MJ)I 16.LWJJI 5.286 3.286 23,348 21.762 123,3481 145,6191 23.857 3,156,969 l(K),765 182,1171 13,(K)01 3,172,617
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 24 Restricted fvnds (Continued) Prevlous year= At i Ortober 2023 Incomlng resouY¢es Resources expended Transfers At30 September 2024 Development fund Collections trust Fusiliers Aid Society HLF Collectin8 Cultures E Gartside Memorial Paintin8 Art5 Council England University ol Manchester Fusiliers Collection Booth Charities Trustwave RRF Gallery Sarah's Sunflower Fund Valencia Community Fund- Basernent Project National Heritage- Kosovo Proje WO street Zedra Trust Bernard Sunley Fund 3,131,713 129,LN)41 12,5(X)I 15,9801 11,5491 3,102,709 5.980 1,549 150 49.674 205 150 98.341 1148,0151 12051 18,8(KJl iio,c#J)I 3,000 io.c 6.000 12,C(¥)I 42.5 32.262 119,1521 I10,5} 15,OQMJI 14,CQ)I 23,348 21.762 3,194,771 20B,903 1246,7051 3,156,969 25 Unrestrlcted funds The unrestricted funds ol the tharity comprise the unÈxpended balantes of donations and 8rants which are not subject to Specific condition5 by donors and grantors as to how they may be used. These intludè designated funds which have been set aside out of unrestricted funds by the trustees lor Specific purposes. At i October 2024 Incorning rt50urce5 Resources expended Tran5fèrsGains and lossès At30 Sèpltmber 2025 General funds 1.827.688 267.592 1297.7941 6,550 1,807.036 Previous year: At i Ottober 2023 Incoming WE50urce5 Re50Urtes expended Trdn5fer5Gains and losses At30 September 2024 General funds 1,635.149 311.998 1119.4S91 1,827,688
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 26 Analysls of net assets between fvnds Unrestrlrted funds Restrlrted fund5 Totsl 2025 20Z5 2025 At 30 Septernber 2025: Tangible assets 1,499,108 307,928 3,129,766 42.851 4,628.874 350,779 1,807,036 3,172,617 4,979.653 Unrestrlcttd funds 2024 Re5trlrted fvnd5 2024 Total 2024 At 30 September 2024: Tan8Sble assets Current assetsllliabilitiesl 1,542,067 285,621 3,118,232 38,737 4,660,299 324,358 I27,688 3,156,969 4,984.657
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 27 Fund Descrlptlons The specifi.c purposes for which the funds are to be applied are as follows.. The Development Fund represents vari(yJs restricted grdnt5 for work restoring the building and fittvig out the new museum. Booth Charitres grant is for Salford educational visits. The Collections Trust grant was for contributions towards salaries. The Fusiliers Aid Societv grant was towards the Uvin8 History costs. HLF Collectin8 Cultures grant provided lunding to purthase items for the collection and an activity plan based around the items acquired. Thè E Gartsidè Mèrntsrial PaintinB fund is to commission a paintina in E Gartside's memory. Arts Council England 15 a fund lor the MEND project grant for'Protecting a much loved tgWTh treasvre,. Fusiliers Collection provided a grant for the maintenance of the collection, and payment towards insurance premiums. RRF Gallery - This income is monies received Irom the re8iment lThe Aoyal Re8iment of Fusiliers at the Tower of London) restrlcted for the development of the RRF gallery in the museum. Basement prolect- The basemeni ol the museum buildin8 was lying defelirt uniii the back end of 2024. Monles were raised from various sources Isee above and below) but in the main from Viridor Waste Management trading as Valencia. These monies are restricted for the development ol the basement into a community space which can be rented by local 'not-lor-prolit' or8anisatioTh5. Kosovo project- This is a temporary exhibition to commemorate 2S years 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 restricted for this particular exhibition. Enterprlse Fund Recepmon Remodel- renovatin8 the ceptiOn of the buildin8. VENJ Day exhibltton- To celebrate the 80th AnnIveary of the Vittory in Europe and Japan. Related party transactions There were no disclosable relaled party transactions during the year12024- none).
THE FUSILIER MUSEUM AND LEARNING CENTRE LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 29 Cash 8enerated from operatlons 2025 2024 Ioeflcitllsurplus for the year 19,3691 154,737 Adjustments for: Investment income reco8nised in statement of financial aC16vities Fair value gains and losses on investments Depreciation and impairment ol tangible fixed assets 14541 12,1851 44.933 11,1261 45.024 Movements In workln£ capltal: Decrease in stocks Ilncreasel in debtors Increase in creditors I,(x)o 110.4741 593 164 128.7941 3,914 Cash nerdt*d from optrtdons 24.044 173.919