REGISTERED COMPANY NUMBER: 06774535 (England and Wales) REGISTERED CHARITY NUMBER: 1129084
“ai FIRING LINE OARS, Amgueddfa Gwarchodlu DragwWn y Frenhines a’r Gatrawd Frenhinol Gymreig Museum of the Queen’s Dragoon Guards and The Royal Welsh
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REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 34 MARCH 2021 FOR
FIRING LINE LTD
Watts Gregory LLP Chartered Accountants & Statutory Auditors Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS
FIRING LINE LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |
|---|---|
| Report ofthe Trustees | 1to6 |
| Report ofthe Independent Auditors | 7to9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| NotestotheFinancialStatements | 12to24 |
FIRING LINE LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
ee
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objects are:
To educate the public in the history and military accomplishments of:
(i) 1st The Queen's Dragoon Guards and its antecedent regiments (“QDG");
(ii) The Royal Welsh and its antecedent regiments.
In particular, the museum's role is to highlight the heritage of Welsh Soldiers over the last 300 years, using artefacts from the collections of 1st The Queen's Dragoon Guards and The Royal Welsh to expand on this narrative; engaging with the public by interpreting their contributions to past and current history. The museum will implement its ethical and professional standards preserving this rich heritage for the purpose of historic interpretation of the Armed Forces in Wales, military history research, learning and outreach and social interaction for public benefit.
Mission statement
The Firing Line Museum aims to be a world class museum that will inspire, educate and entertain our visitors. It will provide an engaging space that connects our communities and audiences with the heritage of the Armed Forces in Wales, 1st The Queen's Dragoon Guards and The Royal Welsh. The museum will preserve the collections of both the Cavalry and Infantry, it will highlight the stories of ordinary people who have done extraordinary things in the line of military service and will encourage active dialogue about the role of the Armed Forces in Wales
Introduction The Firing Line Museum of The Queen's Dragoon Guards and The Royal Welsh, Cardiff Castle, first opened its doors to the public in February 2010, following the closures of The QDG Regimental Museum and The Welch Regiment Museum, both situated within the grounds of Cardiff Castle.
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Last year there was a significant decrease in visitor numbers resulting from the COVID-19 pandemic, which saw the museum close to the public on 18 March 2020. The museum did not reopen during the financial year. The 60 visitors in July 2020 formed part of a social distancing event within the museum to film nominees for The Veteran Award Nominations. The museum reopened on 28 May 2021.
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|Visitors|
|April|2020|0|
|May 2020|0|
|June|2020|0|
|July 2020|60|
|August 2020|0|
|September 2020|0|
|October 2020|0|
|November 2020|0|
|December|2020|0|
|January|2021|0|
|February|2021|0|
|March|2021|0|
|TOTAL|VISITORS|2020/2021|-|60|
|TOTAL VISITORS|2019/2020|-117,405|5.2%|decrease|
|TOTAL|VISITORS|2018/2019|-123,815|7.3%|increase|
|TOTAL|VISITORS|2017/2018|-115,339|26.8%|increase|
|TOTAL VISITORS|2016/2017|-|90,986|19.3%|increase|
|TOTAL VISITORS|2015/2016|~|76,253|24.0%|increase|
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FIRING LINE LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
OBJECTIVES AND ACTIVITIES
Significant activities
Grant funding Following the museum's closure because of the COVID-19 pandemic, the museum furloughed nine members of staff via the Government Job Retention Scheme.
Grant funding in the financial period 2020/21 has focused on stabilising the organisation throughout the COVID-19 Pandemic. The following grants were awarded to the museum:
May 2020 - The Federation of Museums and Galleries of Wales COVID Emergency Fund - £10,000 June 2020 - The Federation of Museums and Galleries of Wales COVID Emergency Fund - £10,000 August 2020 - Wales Council for Voluntary Action (WCVA) - £56,250.00 grant / £18,750.00 Loan August 2020 - The Federation of Museums and Galleries of Wales COVID Emergency Fund - £10,000 September 2020 - Welsh Government Cultural Recovery Fund Phase 1 - £145,000
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An Armed Forces Covenant Trust grant of £19,993 that had been awarded to 160 Brigade for a VE Day event in 2020 was also transferred to the Firing Line Museum in January 2021. The VE Day event had been cancelled due to COVID-19 but will be reutilised in 2022 to commemorate Her Majesty The Queen's Platinum Jubilee with an event in collaboration with Cardiff Council and Cardiff Castle.
Another Armed Forces Covenant Trust grant for £9,848 was also transferred to the museum to develop a film with Amed Forces Veterans. This project will incorporate work that the museum is delivering to commemorate the 30th anniversary of Op Granby (the 1st Gulf War). ;
Temporary exhibitions programme
Achanging exhibition programme is continuingly developed at the museum. These exhibitions are researched and installed by the Firing Line Curatorial team and explore the role of the Armed Forces and their connection to Wales throughout history.
During the financial year 2019-2020 the Firing Line Museum installed the following exhibition:
February 2020 - March 2020: The Modern Regiment
Museum Assistant Hannah Searle and QDG Curator Mark Evans installed an exhibit highlighting equipment and uniform utilised by the Modern Army. The exhibition was due to end in July 2020. Due to premature closure due to the COVID-19 pandemic, the exhibition was extended until later in 2020 to allow opportunity for the public to view the exhibits. This will also allow the museum to conserve exhibition funds until operations are fully restored.
The museum had intended to host a temporary exhibition from The Royal British Legion and National Memorial Arboretum, which was cancelled. This will now be hosted at the museum in autumn 2021.
Volunteers
Volunteers form an integral part of the Museum Team. During the museum's closure in 2020/21, partnerships have been forged with RFEA, the Forces Employment Charity to engage with more volunteers from the Armed Forces network. The museum is hoping to recruit more volunteers from Armed Forces families to engage with the work of the museum, and in particular military spouses. The museum also accommodates volunteers from the Armed Forces and Veterans Networks.
There is a formal agreement with Cardiff University to accommodate work placements, which provides volunteer placements to students from the School of History, Archaeology and Religion at the University. There are strong working relationships with various Colleges and Further Education outlets. Work has taken place with local schools to enable their pupils to come for “Work Experience” weeks. There is an established relationship with the Cardiff and Vale College and their work experience department to engage with students. Several of these students have continued to work with the museum after their week has been completed.
Public benefit
The organisation's trustees can confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Significant activities that were undertaken during the year that demonstrate public benefit are set out on the following pages.
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
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ACHIEVEMENT AND PERFORMANCE
Charitable activities In 2020, both the Museum Director and the Administrative Officer retired. Rachel Adams, the Museum's Curator, was promoted to Managing Curator of the museum and is responsible for day to day operational management of the museum. Hannah Searle took on responsibility as Company Secretary for the museum.
The museum's Education Officer was placed on furlough. The COVID-19 pandemic has had a significant impact on provision of educational activity. Work is taking place to develop new methods of educational delivery via digital and online platforms. itis foreseen that the museum's educational offer will initially be based on new digital offers in the form of online workshops, digital resources, films and podcasts.
Museum marketing
During this period of closure, the use of free social networking technology to market the museum has been essential. The museum has made use of Facebook, Twitter, Instagram, and YouTube to promote the museum, its collections and commemorative events, as well as providing updates on the status of the museum's operation throughout the COVID-19 pandemic.
In the absence of on-site exhibitions and events, the museum is developing online/digital events that are advertised using these social networking sites. These online resources have forged links with other regional marketing websites to advertise these events and it continued to strengthen links with Regimental Websites and Social Networking pages as well as those pages associated with Regimental charities. Throughout the financial year, it contributed to Regimental e-bulletins.
The museum continues to use SurveyMonkey as a marketing tool targeting users with questionnaires. This year, the museum has focused on using the site to engage with its users as to how perceptions of visiting museums may have changed during the pandemic and to make enquiries about the range of safety measures that the public would like to see implemented within the museum. This form of marketing aims to ensure that the visitor experience is enhanced at the museum,
With financial assistance from the Welsh Government's Cultural Recovery Fund- phase 1, the museum’s website has been redeveloped and new content for the site continues to be created.
The museum is a member of the Wales and West Army Museums network and The Army Museums Ogilby Trust (AMOT) and has ensured that it makes connections to these organisations in keepingthe public informed during its closure.
Professional activities The Managing Curator is continuing her studies for a PhD at the School of Museum Studies at Leicester University funded by a University studentship. She is a part-time, distance learning student and carries out her studies in her own time on the subject of organisational values and workplace cultures of military museums. She is currently in the writing up stage of her doctoral thesis.
Hannah Searle, the Assistant Regimental Curator has commenced DPhil studies at University of Oxford, on the subject of social military history, which is due to be completed in 6-8 years.
FINANCIAL REVIEW
2020-2021 has been a challenging year. The museum was closed due to the COVID-19 pandemic on 18 March 2020. There have been only 60 visitors to the museum in this financial year. Shop takings and education income has also been impacted by the COVID-19 pandemic.
The Audit Committee has reviewed the risks and uncertainties that can cause concerns for the long-term wellbeing of the museum and are satisfied that appropriate and suitable plans and procedures are in place to deal with these concerns.
The Curatorial Team has agreed emergency plans for the protection of artefacts in conjunction with the Castle
management.
Armed Forces Covenant
The museum currently holds the Silver Award by the Armed Forces Community Covenant Scheme and applied for the Gold Award during the year, which has subsequently been awarded.
Results for the year
Income for the year was £433,438 (2020: £444,456). Of this £230,786 (2020: £35,909) related to restricted activities. Net income for the year as shown in the SOFA was £143,507 (2020: £24,392), this is after accounting for depreciation of £35,319 (2020: £33,724).
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
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FIRING LINE LTD
FINANCIAL REVIEW
Total staff costs for the year amounted to £229,370, however of these costs £162,968 was supported by restricted grant funding, leaving the net staff costs payable by the charity amounting to £66,402.
Reserves policy
At 31 March 2021 total reserves were £605,337 (2020: £461,830), of these £36,666 related to restricted reserves. Free reserves at 31 March 2021 equated to £286,462. This is calculated as the total reserves, iess restricted and designated reserves, less amounts invested in fixed assets plus related party loan balances used to fund these fixed assets.
The policy is to aim for a balance of three months operating costs; approximately £90,000. Given the current COVID-19 pandemic, the trustees feel that it is prudent to hald additional free reserves in excess of the policy at year end.
FUTURE PLANS
The Board of Trustees will now focus on building funds for the development and upkeep of the museum and to review all costs to ensure that tight contro! is maintained over expenditure.
The Board continues to concentrate on the development of educational resources for the benefit of the local community.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Memorandum and Articles of Association set out the scope of the activities and the structure of the Board of Directors.
Trustees and Board of Directors The company is governed and managed by the Board of Directors which consists of the Chairman plus other directors appointed from time to time.
Committees of the Board
The Board has appointed committees to oversee the key areas of audit and remuneration. The Audit Committee meets at least bi-annually, and the remuneration committee meets as required and at least annually.
Recruitment and appointment of new directors
The ist The Queen's Dragoon Guards Members and The Royal Welsh Members each has the power to appoint up to 3 persons (or up to such number determined by ordinary resolution of the members to be the maximum for each class of membership). Any such appointment is made by notice in writing to the charity and takes effect upon the date that the notice is delivered to the registered office of the charity.
induction and training of new directors
Trustees are encouraged to spend time with the Company Secretary to understand the roles and responsibilities of the staff, the procedures connected with the collections and the financial management of the museum. New trustees are given a copy of the Memorandum and Articles of Association and a copy of the charity's latest report and statement of accounts, in addition they will be referred to the Charity Commission's website at www.charity-commission.gov to read "The Essential Trustee: What you need to know, what you need to do’ and the Charity Governance Code.
Organisational structure
The company has a Managing Curator who is responsible for the operation of the museum, supported by a Regimental Curator and an Assistant Regimental Curator together with an Education Officer and 9 other staff.
Related parties The charity has trustees in common with both 1st The Queen's Dragoon Guards Heritage Trust and The Royal Welsh Regimental Museum Trust.
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FIRING LINE LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
cc ee REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06774535 (England and Wales)
Registered Charity number 1129084
Registered office Cardiff Castle Castle Street CARDIFF CF10 3RB
Trustees Mr J Beatson Hird Chairman Maj (Rtd) D Clayton-Jones OBE Mr CF Dale JP, MIH Resigned 18/06/2021 Brig (Rtd) A S Richmond OBE Maj (Rtd) H C Smith Brig D M Wheeler Maj G R Hughes Appointed 29/09/2020 Company Secretary Ms HB Searle Auditors WattsChartered GregoryAccountants LLP & Statutory Auditors Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS SolicitorsHugh James 114-116 St Mary St, Cardiff CF10 1DY Bankers Lloyds TSB PLC 31 Queen Street CARDIFF MuseumCF10 2AGDirector Christopher Dale JP, MIH (Retired 31 May 2020)
Managing Curator Rachel Adams, MA AMA
Assistant Curators
Richard Davies - Curator at Royal Welsh Museum, Brecon (resigned March 2021) Amanda Rosewarne - Acting Curator at Royal Welsh Museum, Brecon. Mark Evans - Regimental Curator Hannah Searle - Assistant Regimental Curator
EducationEmma Osborne Officer
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FIRING LINE LTD
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REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees (who are also directors of Firing Line Limited for the purposes of company law) are responsible for preparing the Trustees' Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP FRS102
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- make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditor is unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
AUDITORS
The auditors, Watts Gregory LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
nr | order of the Board of Trustees on 4 November 2021 and signed on its behalf by:
Mr J Beatson-Hird- Chair
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF FIRING LINE LTD a etter meetinteeeemmmmenemiemmemenncenemcenemne rere ee Ee
Opinion
We have audited the financial statements of Firing Line Ltd (the ‘charitable company’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial! reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021 and ofits incoming resources and application of resources, including its income and expenditure, for the year then ended: - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concem basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concer are described in the relevant sections of this report.
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the charity's ability to continue as a going concern in exceptional or unforeseen circumstances.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Report of the Trustees has been prepared in accordance with applicable legal requirements. _ Matters on which we are required to report by exception | thein theaudit, light we of thehave k no twledge andidentified materialunderstandingmisstatements of the charitablin the R e companyport of the andTrustees.its environment obtained in the course of | ee Page 7 , : |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FIRING LINE LTD
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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- certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements which result from such irregularities. Based on our understanding of both the company and industry, we identified the principal risks of non-compliance with laws and regulations, including those related to UK tax legislation and considered the extent to which any non-compliance might have on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and ensured that all those involved in the audit undergo regular update training, including on how to identify or recognise fraud and non-compliance with laws and regulations.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inaccurate journals. We addressed these risks by carrying out specifically targeted procedures, which included:
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discussions with management, including consideration of any known or suspected instances of non-compliance with laws and regulations and/or fraud;
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- reading minutes of meetings of those charged with governance; - the appropriateness of journal entries and other adjustments;
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evaluating the reasons for any large or unusual transactions; and
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- reviewing disclosures in the financial statements to underlying supporting documentation.
As outlined above, reasonable assurance is a high level of assurance, but is not a guarantee that a material misstatement may always be detected. The extent to which our procedures are capable of detecting material misstatements or irregularities, including fraud, is therefore subject to the inherent limitations of an audit. There is therefore, an unavoidable risk that a material misstatement may not come to light, in particular, where non-compliance with laws and regulations are remote from events and transactions reflected in the financial statements or where fraud or errors arise due to intentional misrepresentation, forgery, concealment, management override and/or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FIRING LINE LTD
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Julia Mortimer (Senior Statutory Auditor) for and on behalf of Watts Gregory LLP Chartered Accountants & Statutory Auditors Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS
Date: 26 November 2021
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FIRING LINE LTD
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
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|---|---|---|---|---|---|---|---|
|2021|2020|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|£|£|£|
|INCOME AND|ENDOWMENTS|FROM|
|Donations|and|legacies|3|130,327|230,786|361,113|64,573|
|Charitable|activities|6|
|Education|of the|public|in|history|and|military|
|accomplishments|433|-|433|358,649|
|Other trading|activities|4|494|-|494|16,800|
|Investment|income|5|3,652|-|3,652|4,434|
|Other|income|7|67,746|-|67,746|-|
|Total|202,652|230,786|433,438|444,456|
|EXPENDITURE|ON|
|Raising|funds|8|2,188|-|2,188|21,296|
|Charitable|activities|9|
|Education|of the|public|in|history|and|military|
|accomplishments|109,157|196,317|305,474|390,287|
|Total|111,345|196,317|307,662|411,583|
|Net gains/(losses)|on|investments|17,731|-|17,731|(8,481)|
|NET INCOME|109,038|34,469|143,507|24,392|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought forward|459,633|2,197|461,830|437,438|
|TOTAL FUNDS CARRIED|FORWARD|568,671|36,666|605,337|461,830|
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The notes form part of these financial statements
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FIRING LINE LTD
AT 31 MARCH 2021
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BALANCE SHEET
ce ee
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|---|---|---|---|---|---|---|---|---|---|---|
|2021|2020|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|£|£|£|
|FIXED|ASSETS|
|Intangible|assets|16|200|-|200|1,100|
|Tangible|assets|17|733,829|-|733,829|768,398|
|Investments|18|99,250|-|99,250|81,519|
|833,279|-|833,279|851,017|
|CURRENT|ASSETS|
|Stocks|19|4,411|-|4,411|3,986|
|Debtors|20|6,043|-|6,043|49,780|
|Cash|at bank|and|in|hand|282,900|36,666|319,566|137,241|
|293,354|36,666|330,020|197,007|
|CREDITORS|
|Amounts|falling|due|within|one year|21|(32,772)|-|(32,772)|(34,874)|
|NET CURRENT ASSETS|260,582|36,666|297,248|156,133|
|TOTAL ASSETS|LESS CURRENT|LIABILITIES|1,093,861|36,666|1,130,527|1,007,150|
|CREDITORS|
|Amounts|failing|due|after more than|one|year|22|(525,190)|-|(525,190)|(545,320)|
|NET ASSETS|568,671|36,666|605,337|461 ,830|
|FUNDS|24|
|Unrestricted|funds|568,671|459,633|
|Restricted funds|36,666|2,197|
|TOTAL FUNDS FUNDS|605,337|461,830|
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TOTAL FUNDS FUNDS
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The finangiabetatements were approved for issue by the Board of Trustees on 4 November 2021 and were signed on its behaif
The notes form part of these financial statements
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FIRING LINE LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
- STATUTORY INFORMATION
Firing Line Limited is a company limited by guarantee incorporated in Wales within the United Kingdom. The registered office is Cardiff Castle, Castle Street, Cardiff, CF10 3RB. Each member has agreed to contribute a sum not exceeding £10 in the event of the charity being wound up.
The financial statements are presented in Sterling (£), the company's functional currency, and rounded to the nearest pound.
The principal activities and nature of the charity's operations is to educate the public in history and military accomplishments of the United Kingdom by running an exhibition commemorating over 300 years of proud and distinguished history.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
- ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, -which-is-a_public_benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of freland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of treland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.
This includes capital grants.
Donations and legacies income
Donations and legacies income includes donations, gifts and grants that provide core funding or are of a general nature are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies it must be used in future accounting periods or the donor has imposed conditions which must be met before the charity has unconditional entitlement.
Income from charitable activities
income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. This income is recognised as the related services are provided and there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the performance of the service or event to which they relate.
Other trading activities income
Income from other trading activities includes income received under contract. This income is recognised as the related services are provided and there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the performance of the service or event to which they relate.
Investment income
Investment income is recognised on a receivable basis.
Donated goods
income received from donated goods is recognised on the sale of the goods.
It is not the policy of the charity to show income net of expenditure.
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NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
FIRING LINE LTD
2. ACCOUNTING POLICIES - continued
Expenditure
Expenditure is recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
Expenditure on raising funds include costs of fundraising, advertising, marketing and direct mail materials as well as a proportion of salaries based on an approximation of time spent in this area.
Expenditure on charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. [t includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs are those costs that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. This includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the charity as well as a proportion of salaries based on an approximation of time spent in this area.
Intangible assets
Intangible assets are capitalised at cost.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website development costs - Over 5 years
Tangible fixed assets
Fixed assets are capitalised at cost.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Leasehold property improvements - Over 50 years Artefacts, art and items on display - Varying rates between 2 - 5 years Fixtures and fittings - Over 15 years Equipment - Over 5 years
Investments
Investments are included at market value at the balance sheet date. Realised and unrealised gains or losses on investments are shown separately on the face of the statement of financial activities.
Investment income is recognised on a receivable basis.
Stocks
Stock is included at the lower of cost or net realisable value using the FIFO stock valuation method.
Taxation
The charity is exempt from corporation tax on its charitable activities.
:
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FIRING LINE LTD
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021 ittt
2. ACCOUNTING POLICIES - continued
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Concessionary loans are recognised and measured initially at the transaction value, with the carrying amount adjusted in subsequent years to reflect repayments and any accrued interest.
Debtors
Trade debtors and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company makes contributions to personal pension schemes on behalf of its employees. Contributions are charged to the Statement of Financial Activities in the period to which they relate.
- DONATIONS AND LEGACIES
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Donations Grants |
1,466 359,647 |
4,476 63,097 |
| 361,113 | 64,573 | |
| Grants received, included in the above, are as follows: | ||
| 2021 | 2020 | |
| £ | £ | |
| Othergrants MOD Gia |
- 22,745 |
2,206 21,620 |
| 1stTheQueen's Dragoon Guards University ofCardiffSantander Federation ofMuseums and Art Galleries ofWales |
- - 30,000 |
8,473 613 1,490 |
| RegimentalMuseum ofthe RoyalWeish Worshipful Livery Company ofWales Regiment ofthe RoyalWelsh WCVA: Third Sector Resilience Fund forWales |
- - 3,200 56,250 |
4,800 772 23,123 - |
| Welsh Government Cultural Recovery Fund- phase 14 | 145,000 | - |
| Armed ForcesCovenant Fund Trust -VE Day75 Fund | 19,993 | - |
| Armed Forces Covenant Fund Trust - Veterans Film in Support ofVE Day 75 | ||
| Fund | 9,848 | - |
| Coronavirus Job Retention Scheme | 72,611 | - |
| 359,647 | 63,097 |
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NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
cee aa
| 4. | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Fundraising events | - | 1,093 | |
| Function meals and drinks | - | 7,961 | |
| Shop sales | 494 | 7,746 | |
| 494 | 16,800 | ||
| 5. | INVESTMENT INCOME | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Dividends received | 3,373 | 4,152 | |
| Deposit account interest | 279 | 282 | |
| 3,652 | 4,434 | ||
| 6. | INCOME FROM CHARITABLE ACTIVITIES | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Gate receipts Research Education |
- 433 - |
347,927 233 6,774 |
|
| Charitable activities | - | 975 | |
| Exhibition tax relief | - | 2,740 | |
| 433 | 358,649 |
- OTHER INCOME
Other income of £67,746 (2020: ENil) was received following an insurance claim made due to business interruption as a result of the museum closure due to COVID-19.
- RAISING FUNDS
Other trading activities
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Purchases Museum Director's remuneration etc |
362 - |
4,350 5,254 |
| Staffcosts | 4,390 | - |
| Bad debis | 125 | - |
| Costsof functions and events Shop internet finance charges |
- 277 |
11,179 438 |
| Depreciation | 34 2,188 |
75 21,296 |
;
:
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NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
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nn
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|9.|CHARITABLE|ACTIVITIES|COSTS|
|Direct|costs|Support|costs|Totals|
|(See|note|10)|(See|note|11)|
|£|£|£|
|Education|of the|public|in|history|and|military|
|accomplishments|221,024|84,450|305,474|
|40.|DIRECT COSTS OF|CHARITABLE|ACTIVITIES|
|2021|2020|
|£|£|
|Museum|Director's|remuneration|etc|10,202|13,137|
|Staff costs|157,088|197,661|.|
|Rates|and|water|625.|7,200|
|Insurance|7,268|7,526.|
|Telephone|356|4,220|
|Postage|and|stationery|657|2,819|
|Advertising|-|535|
|Education|outreach|work|42|238|
|Travel|and|subsistence|77|393|
|Website|costs|1,102|-|
|Training|projects|4,700|-|
|Repairs and|renewals|3,666|3,770|
|Uniforms|53|1,604|
|Temporary|exhibition|cost|-|10,894|
|Local|projects|-|25,245|
|Interactive|display costs|-|4,042|
|IT|machine|maintenance|2,272|3,332|
|Depreciation|35,916|37,266|
|221,024|313,879|
|11.|SUPPORT|COSTS|
|Governance|
|Staff costs|Finance|Other costs|costs|Totals|
|£|£|£|£|£|
|Education|of the|public|in|
|history|and|military|
|accomplishments|33,347|9,200|11,560|30,343|84,450|
|42.|NET INCOME(EXPENDITURE)|
|Net|income/(expenditure)|is|stated|after charging/{crediting):|
|2021|2020|
|£|£|
|Auditors’|remuneration|3,000|3,000|
|Other|non-audit|services|-|600|
|Depreciation|35,319|35,733|
|Website development costs amortisation|900|1,877|
----- End of picture text -----
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NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
- TRUSTEE’S REMUNERATION AND BENEFITS
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Trustee's | salary | 7,374 | 44,243 |
| Trustee's | termination payment | 25,000 | - |
| Trustee's | social security | 1,056 | 4,914 |
| Trustee’s | pensions paid | 578 | 3,387 |
| 34,008 | 52,544 |
C F Dale is entitled to receive remuneration for his position as Museum Director from the charity by virtue of clause 5(2)(d) of the Memorandum of Association.
Trustees’ expenses
No expenses were reimbursed to the trustees or paid for by the charity during the year or in 2020.
STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Wages and salaries | 216,709 | 246,474 |
| Social security costs | 9,874 | 14,033 |
| Pension | 2,787 | §,201 |
| 229,370 | 265,708 |
The average monthly number of employees during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| Management and administration | 3 | 2 |
| Museum operation | 10 | 15 |
| 13 | 17 |
No employees received emoluments in excess of £60,000.
,
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FIRING LINE LTD
| | | |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
15. |COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | Restricted | Total funds | ||
|---|---|---|---|---|
| funds | funds | |||
| £ | £ | £ | ||
| INCOMEAND ENDOWMENTS FROM | ||||
| Donations and legacies | 3,682 | 60,891 | 64,573 | |
| Charitable activities | ||||
| Education ofthe public in historyand military accomplishments | 358,649 | - | 358,649 | |
| Othertrading activities Investmentincome |
16,800 4,434 |
- - |
16,800 4,434 |
|
| Total | 383,565 | 60,891 | 444,456 | |
| EXPENDITURE ON | ||||
| Raising funds | 21,296 | - | 21,296 | |
| Charitable activities | ||||
| Education ofthe public in historyand military accomplishments | 328,896 | 61,391 | 390,287 | |
| Total | 350,192 | 61,391 | 411,583 | |
| Netgains/(losses) on investments | (8,481) | - | (8,481) | |
| NET INCOME | 24,892 | (500) | 24,392 | |
| Transfers between funds | (500) | 500 | - | |
| Netmovement in funds | 24,392 | - | 24,392 | |
| RECONCILIATION OF FUNDS | ||||
| Totalfunds broughtforward | 435,241 | 2,197 | 437,438 | |
| TOTAL FUNDSCARRIED FORWARD | 459,633 | 2,197 | 461,830 | |
| 16. | INTANGIBLE FIXEDASSETS | |||
| Website | ||||
| development | ||||
| costs | ||||
| £ | ||||
| COST | ||||
| At 1 April 2020 | 10,100 | |||
| AMORTISATION | ||||
| At 1 April 2020 | 9,000 | |||
| Charge foryear | 900 | |||
| At 31 March 2021 | 9,900 | |||
| NET BOOKVALUE | ||||
| At 31 March 2021 | 200 | |||
| At31March2020 | 1,100 |
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NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
17. TANGIBLE FIXED ASSETS
| Long | |||||
|---|---|---|---|---|---|
| leasehold | Fixtures and | ||||
| improvements | Display items | fittings | Equipment | Totals | |
| £ | £ | £ | £ | £ | |
| COST | |||||
| At 1 April 2020 | 1,037,889 | 23,555 | 112,545 | 23,968 | 1,197,957 |
| Additions | - | - | - | 750 | 750 |
| At 31 March 2021 | 1,037,889 | 23,555 | 112,545 | 24,718 | 1,198,707 |
| DEPRECIATION | |||||
| At 1 April 2020 | 346,300 | 19,837 | 45,368 | 18,054 | 429,559 |
| Charge foryear | 23,423 | 1,983 | 7,865 | 2,048 | 35,319 |
| At 31 March 2021 | 369,723 | 21,820 | 53,233 | 20,102 | 464,878 |
| NET BOOKVALUE | |||||
| At 31 March 2021 | 668,166 | 1,735 | 59,312 | 4,616 | 733,829 |
| At31March2020 | 691,589 | 3,718 | 67,177 | 5,914 | 768,398 |
- FIXED ASSET INVESTMENTS
| Listed | |||
|---|---|---|---|
| investments | |||
| £ | |||
| MARKETVALUE At1 April 2020 Revaluations |
81,519 17,731 |
||
| At31 March 2021 | 99,250 | ||
| NETBOOK VALUE | |||
| At 31 March 2021 | 99,250 es |
||
| At 31 March 2020 | 81,519 ——= |
||
| Therewere no investment assets outside the UK. | |||
| 19. | STOCKS | ||
| 2021 | 2020 | ||
| Stocks | £ 4,411 |
£ 3,986 |
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FIRING LINE LTD
| | : | | | | |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 225 | 32,715 | |
| Other debtors | 880 | 880 | |
| VAT | 1,410 | - | |
| Prepayments and accrued income | 3,528 | 16,185 | |
| 6,043 | 49,780 | ||
| 21. | CREDITORS: AMOUNTS FALLING DUEWITHIN ONEYEAR | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Other loans(see note 23) | 25,880 | 6,800 | |
| Trade creditors | 1,498 | 14,171 | |
| Social security and othertaxes | - | 4,718 | |
| VAT | - | 5,161 | |
| Other creditors | 1,904 | 905 | |
| Accruals and deferred income | 3,490 | 3,119 | |
| 32,772 | 34,874 | ||
| 22. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONEYEAR | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Other loans (see note 23) | 525,190 | 545,320 | |
| 23. | LOANS | ||
| An analysis ofthe maturity ofloans is given below: | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Amounts falling due within one yearon demand: | |||
| Loans | 25,880 | 6,800 | |
| Amounts falling between one and two years: | |||
| Loans | 7,250 | 6,914 | |
| Amountsfallingduebetweentwoandfiveyears: Loans |
22,482 a |
21,442 — |
|
| Amountsfallingdue inmorethanfiveyears: | |||
| Repayable by instalments: | |||
| Loans | 495,458 | 516,964 |
Financial instruments measured at amortised cost using an effective interest rate comprise the loan financing provided by ist The Queen's Dragoon Guards Heritage Trust and The Royal Welsh Regimental Trust.
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NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
FIRING LINE LTD
- LOANS - continued
The loan financing is in the form of secured loans both with an effective interest rate of 1.67%. The total interest charge for both loans recognised within the Statement of Financial Activities amounted to £9,200 (2020: £9,310). At the year end the charity owed 1st The Queen's Dragoon Guards Heritage Trust £266,160 (2020: £276,060) and The Royal Welsh Regimental Museum Trust £266,160 (2020: £276,060). Security of the loans is held by way of a fixed and floating charge on the assets of charity, and the loans are due to be repaid by 31 March 2072.
A loan was received on 23 November 2020 from Wales Council for Voluntary action, amounting to £18,750. No interest is due on the balance from the first 12 months after the drawdown date. From month 13 onwards, there is an effective interest rate of 2.00%. No repayments are required in the first 12 months post receipt of the loan, the balance is repayable in full by the date falling 5 years from when repayments commence. 24. MOVEMENT IN FUNDS
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Net|movement|
|At|1/4/20|in|funds|At31/3/21|
|£|£|£|
|Unrestricted|funds|
|General fund|459,633|109,038|568,671|
|Restricted|funds|
|Daffodil|Education|fund|2,197|-|2,197|
|Welsh|Government|Cultural|Recovery Fund — phase|1|-|7,961|7,961|
|Armed|Forces|Covenant|Fund|Trust|- VE|Day 75|Event|-|19,993|19,993|
|Armed|Forces|Covenant|Fund|Trust|-|Veterans|Film|
|Supporting VE|Day|-|6,515|6,515|
|2,197|34,469|36,666|
|TOTAL FUNDS|461,830|143,507|605,337|
|Net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|in|
|resources|expended|losses|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|202,652|(111,345)|17,731|109,038|
|Restricted|funds|
|Grant|in|aid|(Gia) Allowance|22,745|(22,745)|-|-|
|Wages|fund|3,200|(3,200)|-|-|
|Federation|of Museums|and|Art|Galleries|of|
|Wales|30,000|(30,000)|-|-|
|Weish|Government|Cultural|Recovery|Fund —|
|phase|1|145,000|(137,039)|-|7,961|
|Armed|Forces|Covenant|Fund|Trust|- VE|Day|
|75|Event|19,993|-|-|19,993|
|Armed|Forces|Covenant|Fund|Trust—|
|Veterans|Film|Supporting VE|Day|9,848|(3,333)|-|6,515|
|230,786|(196,317)|-|34,469|
|TOTAL FUNDS|433,438|(307,662)|17,731|143,507|
----- End of picture text -----
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NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
24. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|Net|movement|Transfers|
|At|1/4/19|in|funds|between|funds|At|31/3/20|
|£|£|£|£|
|Unrestricted|Funds|
|General|fund|435,241|24,892|(500)|459,633|
|Restricted|Funds|
|Daffodil|Education|fund|2,197|-|-|2,197|
|The Japanese War Flag|fund|-|(500)|500|-|
|2,197|(500)|500|2,197|
|TOTAL FUNDS|437,438|24,392|-|461,830|
|Comparative|net movement|in funds,|included|in|the|above|are|as follows:|
|Incoming|Resources|Gains|and|Movement|in|
|resources|expended|losses|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|383,565|(350,192)|(8,481)|24,892|
|Restricted|funds|
|Grant|in|aid|(Gia) Allowance|21,620|(21,620)|-|-|
|Wages|fund|14,045|(14,045)|-|-|
|Internship|fund|613|(613)|-|-|
|300th|Commemorative|Anniversary|of the|41st|
|Regiment|of Foot|Fund|23,123|(23,123)|-|-|
|The Japanese War|Flag|fund|1,490|(1,990)|-|(500)|
|60,891|(61,391)|-|(500)|
|TOTAL FUNDS|444,456|(411 583)|(8,481)|24,392|
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NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
24. MOVEMENT IN FUNDS- continued
RESTRICTED FUNDS
Grant in aid (GIA) fund ~ The charity received contributions from the MoD towards Grant in aid (Gia) for remuneration purposes.
Wages fund - Grant funding was received from the Queen's Dragoon Guards, the Worshipful Livery Company of Wales and the Regimental Museum of the Royal Welsh towards the reimbursement of salaries.
Federation of Museums and Art Galleries of Wales Fund - Grant funding was received during the year to aid recovery from COVID-19, towards the costs of core staff, not on the furlough scheme, and costs in preparing the museum for reopening.
Welsh Government Cultural Recovery Fund—- phase 1. Grant funding was received from the Welsh Government, to provide financial assistance as a result of the COVID-19 outbreak.
VE Day 75 Fund - Grant funding was received from the Armed Forces Covenant Fund Trust - via 160X, whom as a result of COVID-19 were unable to host the VE Day 75 event. Funding was transferred to Firing Line, to cover costs of hosting VE Day 75 Event, and creation of a Veteran's Film in support of the VE Day 75 celebrations.
Daffodil Education fund - the charity received a restricted donation during the 2017 financial year towards education inreach and outreach.
FUNDS IN PRIOR PERIOD
RESTRICTED FUNDS
internship fund - Grant funding was received from Santander to pay internship costs for University of Cardiff students.
300th Commemorative Anniversary of the 41st Regiment of Foot fund - The museum received grant funding from the Royal Welsh Regiment as a contribution towards an event celebrating the 300th anniversary of the formation of the 4ist Regiment of Foot.
The Japanese War Flag fund - Grant funding was received from the Federation of Museums and Art Galleries of Wales in support of the project "Revealing the secrets of Japanese Prayer Flag".
- PENSION COMMITMENTS
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in independently administered funds. The pension cost charge represents contributions paid by the charity to the fund and amounted to £2,787 (2020: £5,201). Outstanding contributions at the year end amounted to £nil (2020: Enil).
The number of directors to whom retirement benefits are accruing under money purchase pension schemes during the year was 1 (2020: 1).
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NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2021
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- RELATED PARTY DISCLOSURES
During the year the charity entered into transactions with the following related parties:
----- Start of picture text -----
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Name|of|related|party|Relationship|
|4st The Queen's|Dragoon|Guards|Heritage|Trust|Trustees|in|common|
|The|Royal|Welsh|Regimental|Museum|Trust|Trustees|in|common|(for|part|of the year)|
|Name|of related|party|Transaction|2021|2020|
|£|£|
|ist The Queen's|Dragoon|Guards|Heritage Trust|Purchases|-|24|
|Loan|interest payable|4,600|4,655|
|Grant|income|received|-|8,473|
|The|Royal Welsh|Regimental Museum Trust|Purchases|-|40|
|Loan|interest|payable|4,600|4,655|
|Grant|income|received|3,200|27,923|
|Pauline|Dale|Remuneration|-|9,343|
|Amounts|outstanding|at|the year end|are|as|follows:|
|Name|of|related|party|Nature|of|balance|2021|2020|
|£|£|
|ist The Queen's|Dragoon|Guards|Heritage Trust|Loan|creditor|266,160|276,060|
|Trade|debtor|-|420|
|The|Royal|Welsh|Regimental|Museum|Trust|Loan|creditor|266,160|276,060|
|;|Trade|creditor|-|-|
----- End of picture text -----
27.
The majority of artefacts and items on display at the museum are on loan from 1st The Queen's Dragoon Guards Heritage Trust and The Royal Welsh Regimental Museum Trust. The total trustee and key management personnel remuneration benefits paid during the year was £74,902 (2020: £89,978).FINANCIAL INSTRUMENTS
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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Financial|assets|
|Financial|assets|measured|at|fair value through|SOFA|99,250|81,519|
|Financial|assets|that|are|debt|instruments|measured|at|amortised|cost|320,591|170,836|
|252,355|252,355|
|Financial|liabilities|
|Financial|liabilities|measured|at amortised|cost|557,962|570,315|
----- End of picture text -----
Financial assets measured at fair value through the SOFA comprise of investments.
Financial assets measured at amortised cost comprise of cash, trade debtors and other debtors.
Financial liabilities measured at amortised cost comprise of concessionary loans, trade creditors, other creditors and accruals.
Page 24