**REGISTERED COMPANY NUMBER: 06774535 (England and Wales} REGISTERED CHARITY NUMBER: 1129084** ## **REPORT OF THE TRUSTEES AND** **FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2024** ## **FOR** **FIRING LINE LTD** **MHA Statutory Auditor Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS** FIRING LIME LTD CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Pa R•port of th• Truste•s 1 to 6 Report of the Independent Authtor 7 to 8 ststement ot Fina￿101 Athl1￿$ Balance s￿et 10 Notes tt> the Financial Ststen￿lts 11 to 23 FIRIIIG LINE LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 14ARCH 2024 The Irustees. who a￿ also directors of Ihe charity frx the puwes of the Ccrfnpanies Act 2CM)6. present their r8POrt the finanaal Statements of the charity for the year ended 31 Marth 2024. The trustees have adopted Ihe prov¢sions of ACc￿n11ng Reporting by Charilies." Stateffwt ol Recom￿ Prnctice appfKaUe to d￿rille$ preparing thdr accounts in xc4)rdanc• wthh the FThncial Re￿￿"r9 Standard aOic4ble in the UK arkl Repub￿.01 Ir•laThJ IFRS 1021 lellthg 1 January 20191. OBJECTNES AND AcTI￿s Oblectlve$ and alms The Charity's objects are". lal to educate Ihe pU￿1C in the histw. (xthre and mlb* ￿)Y￿lShn￿ts of. 1st The Queen'5 Drwjoon Guwds and its antece¢Jent wthents CQDG'}: The Royal Welsh ante￿ent regiments CR WELSH'J. In partiojlar to maTh￿l￿ a mlilary museum and ar¢htve and to weseN8 ￿ exkulxl to the wt4ic Ibose arief*s arnl assets whid) a￿ ￿ k)an Ihe QDG. the R w￿LsH aThJ their respective Museum Tntsts. Ibl to promote an awaren•ss of the hi510ry ￿ rt48 ol Ihe arTh￿d fo￿85 in lh8 Unit•d lQngdom, espoaalty the 12DG R WELSH, with an aim ol prornoting an inleresl #NJ invofvemenl by Ihe wblie wilh both regiments: and hjrther advancing pubk education by eryJagiTrJ wlh thè fvmd For￿ and veteran communty in Wales. WELSH for tha purpose of historic Int8ryjretsti¢￿ of thè Am￿d Forus in Wal8s. research learring and (Krtr8ach and social ￿teraCtion for pubk beneftL Mlsslon statement Th8 F¢ring Line Iluseurn aims to be a da5s mu58wn thal win in4*r8, 8ducat• and entertain ts vi*tors. It prowd8S an engaging space that connects its comrThJn¥bes and a￿￿enCeS wilh Ihe lleritage of the Armed For¢e$ in Wales. 1st Thè Queen's Dragoon Guards and Thè Royal Welsh. The mus8um w￿1 preseNe the cA)Ilections of both the Cavalry and Infanty. we will h￿h1Oht the storigs ol ordiwy peop￿ have don8 extr&¥dinary ￿r￿a5 in th• lin• of military servico and wll encourdge achve dialc*3ue ab￿t the rde of lthe Am￿d Forr*s in Wales. Introdu¢tion The Firing ￿ne Museum of The ¢￿een.$ Diawi Guards and The Royat Welsh. Cardrfl Casue. fitst opened ils doors to Ihe public in February 2010, I￿10￿￿j the d05ure5 of The QDG Rgjlm8nt￿ Museum and The Welth Regiment Mu5eurn. bolh 5iiuatsd within thtr grounds of Ca￿liff cas1￿. Th8 rnUseurn'5 audience5 continue to gr(5w lofhm.ng Ihe COVID-19 parwjenwc and th8 rnU5eum is beginwwng to See fetum to int8math?nal knjr grtyjps. The 2023r2024 visitor ffiwres equated to a 17.5% increase on visitor nunbers from tho fmaneial year 2022rJ)zJ. Vl$itors April 2023 May 2023 Jun8 2023 July 2023 August 2023 September 2023 Otto￿r 2023 Novernber 2023 De¢ernber 2023 Janvary 2024 Febwary 2024 March 2024 8.264 6.937 6.391 8.726 11.39) 6,8C 7.597 4,479 3.817 3.183 6.292 TOTAL VISITORS 202312024 TOTAL VISITORS 202212023 TOTAL VISITORS 202112022 TOTAL VISITORS 202012021 TOTAL VISITORS 201912020 TOTAL VISITORS 201812019 TOTAL VISITORS 201712018 TOTAL VISITORS 201612017 81.255 69.134 56.663 17.5% 117,405 123.815 115,339 .986 5.2% de¢mse 7.3% inuEase 26.8% irtreasa 19.3% irKrease Pw1 FIRING UNE LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 IAIARCH 2024 SSgnffl¢ant a¢UvlUes Grant lundlno Grant funding in the financial peric*J 2023r24 fcrJJsed on wc¥* 7•nth velerar6. th £15.&IO being re￿IVed from A¢lteriad pursuant tts this. Addth"onalty. £24.C¥)4 in grant-in-aKI was r￿eNed the Ministy of D&fence and circulated by The Anny Mu58wns Oghty TrusL this funthrg cal CL¥nrnunity. expanding its gducation offerirg lo chiklren aThJ adults. arxl bnwin9 In mor8 tethn1￿0gY lo ald a¢xessibllty. STRUCTURE. GOVERNANCE AND MANAGEMENr Govemlng docum•nt The Arts"cles ofAssoc4ai¥J) set ¢xrt the scope ofthe an(J Strnth￿ oftr* Board of th"rectors. These ArDdgs of Ass¢xiation were rgawntten aTrJ adopted by the Firing Line Board at an Extraordinary General Meebng that toc* place on 14 Marth 2022. The rewritten A￿deS ol A55r*iatson ha¥* been a¢xepled by Cornpan￿ Housè and the Charits"es Commisthn. Trustees and Board of Dlr*¢toYs The company is govemed and manw by Ihe Btsa￿ of [lirect￿ ¢￿ISts of the Chairman phJs other d*ector3 ap￿)Irted from to tMn•. Commltte•s ofthe Board From time to Inne. the Board arvoinl comrri￿ kn ovewe aw t)1 0￿ra1￿￿. The Audit Comff•¢tee used to oversee key areas ol audrt ar*1 ￿m￿nerat￿￿. meeb.ng twnnuJty. ri was di*b￿ded by un8nimou$ decisM)n of th8 direct￿ on 8 FebnJ￿ 2024. In its place. a qualffied Company Secretsry and Financial CL￿fer a￿ empfoytd to ensu￿ ty)nbnuous hrgh standards of corpornte and fo)an(aal govemance. The Chainnan meets the Cryany Seuetary aThJ Contyolkr on a nKJnNy basis to rewew the rT¥anagement acrwnts. with thè entire r[￿1¥19 to look over them quarterly. An iNJependenl expèrt on dMnty •)d ctyp(*at8 govemartt addresses thg Board annualty, ￿ualty in September. and Ihe Annual Accthjnts arg F¥Èsented every year* the AGM. AJI pol￿ are 8150 rwkwed by the Board •nnually. Recruitment and appointment ol new directors The 1st The Oueen's Dragoon l)Jard5 Members aThJ Th? Royal Welsh Men*ers eaeh has Ihe [V￿r tts apwrrt up to three Ferws {or up to such rLumber detennined by ofdinw ￿5￿ul￿￿ of the member5 to be the maximum for each dass of rn¢mbershipl. Any such appointrnent is m* by notice in wribn9 to the tharity and takes effect up)n Ihe date Ihat the ￿)lIce 15 defvered to the wistered offict oflhe tr￿rity. FIRING LINE LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 ￿R¢￿ 2024 STrUCTURE. GOVERNANCE AIID MANAGEMENT Induc¢lon and tralnlng of dlreetors Twslees ar• erKournged to sperKJ ts.me ¥&ilh Ihe Company Seuetary to uTh*rstand ihe rofes and ￿spons￿￿bes of the staff, the pro¢edures connected 7*rth ts Collecti￿)$ and the finarwl management of the museum. New trustees are givèn a copy of th8 Artth ofAssLKiab"on aThJ a of Ihe latest ￿port aTrJ siatement of aceounts, in addilic#) they will be referred lo the Chanty Crynmi8ston's websrte atv*ww.chaThty-tcrfnmissh?n.9OV to read Tha Essential Trustee.. Organl$•tl¢4nal $tru¢tuve Until 28 Febwary 2024 the crynpany had a Mwer was reSp￿Ible for the Operati￿ of the rThtseum, Regimental CuTrtor, • Assis&￿1 Regimental CuTrtor {*lKI ts also Il* C¢*mpany S8crelaryl. a Finanual Cffltroler and eight front ol house stalf. The Museum Manager Tes￿jn•d her at the end of February 3)24 and th& rLI8 h85 been ¥4it betr￿Tr the Curgtor and Company Secretsry l**KJ is also ts As5i51anl Regirr£ntsl Curatorl Rlsk management The Irustee8 have a duty to identify and ￿leW the risks to Ihe c£ffipany is eX￿￿￿j to ensure appwiatè ntrols are in to reasonable assurance a9ainst fraud and error. The Intstses have assessed Ihe majw mks k) this the C4YTyny is exposed. in F•tiular those relabj lo ts opgration$ an¢J finances ol the company and ￿ satsfied Syst￿ and Wcte¢￿ ￿ in place lo rnrtwJate Ourexp05U￿ to IhÈ major risks. In￿$(Ment pollcy Thè trusiees made a deosKJn to inv8s1￿￿t sorne of the tharity's hJThts Into a Black R¢xk Forces Charitses Gr0￿h & Incomè F￿￿. The fijnd alms to provwJ8 a return on inv*sknent over a 5 or more consecub.ve years beginning at the point ol investmenL generated 1hrth￿ an incfease to tr* value of Ihe assets held by the F￿1 andlor incl￿8 received fr(¥n thos• asse Tha truste•s ￿1[ regularty Consider￿ere thém is a naad to this Wicy with a vièw to 8rtsurkng thatth8 asset managern*nt fUl￿t￿$ be exerused in the best interest ofth• company. R*latsd pwtl¢s The charity has trustees in cornffth the QDG Herilage Tntst REFERENCE AND ADAIINISTRATIVE DETAILS Re9lstered C?mpany numb 06774535 (England and Wales) Re9lstered Charlty nurnb•r 1129084 Reglstered offlc• Cardrff Ca$Ue Casle Street CARDIFF County ofcardiff CF10 3RB Pa9e 4 FIRING UNE LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Trus￿$ Capt IRtrVdl J Beatson4i Bng IRet'd} A S RichmMd OBE Maj IRefdl H C Smith Biig IRet'dl O M Wheeler MajGRHug Col IRefdl J E D Pughtrmwgan Manag•r Rathd Ada￿ MA. AAIA IresvJneLI FeiKuary 20241 Reglmental CuTrio¥s Maj Mark Evans BSC. Ed, PG Dy, DSML. MC•AI, ILM- Cwator Hann8h Searte 8A A55islant R$gim￿l Curator Company Se¢ret•ry Ms H B Searfe Audltor MHA Charte￿d accountants anrj stality wjit Cardiff Gatè Business Pa G4RDIFF CF23 BRS Solicilor5 Hugh James 114-116 St laary St. Cardiff CF10 10Y Bankers Uoyds Banknrwj Group PLC 31 Queen Street CARDIFF CF10 2AG FIRING UNE LTD REPORTOF ThE TRUSTEES FOR THEYEAR ENDED 31 IAARCH 2024 STATeMEHT OF TRUSTEES RESPONSIBIUTIES The tr￿￿ta88 {W￿ are atso direL*ors of FiriNJ Line Lii¥*d for Ihe pwposey of are resp)￿ble fDr eparir¥J Ihe TTUStees' Annu¥ Rpw)rt l(irKknirs strat&j￿ Wrtll a)d Ihe stalements in ac£ord8nce applKaN8 law and United Klwjom ALKounbn9 StJMJards (Uft￿ lfjryjom G￿￿￿lY Aciyted Acttsunting PraL*"c*}. oftho skte ofaffaits ol the tharitabk (xmwy ofthe irAx¥#wig and applicalion ofr95DllW. inL*kliry are r8quirÈd kn". S8feL# sukable 8￿Mi[￿j Frfi(igs and apply them obserye the melhod5 and priropks In Ih8 fjaribes SORP FRS1 make judgerwits and estimate6 th*we reaSrffiab￿ and p￿￿entr. s*2te wh8ther aP￿iC￿le UK Arxr*Jrtr¥J StaThJ8rds h￿8 been fofA>iBd, w￿leEt m*8rial dop3rtur85 ￿￿￿O$ed 8nd expldnad In lJbeffiYw#Yal will (x)ntirw in opgratth. Iho Coffpanra5 Ad 2006. ¥e a50 reSp￿ble fDf 5afeguafd¥vJ lh8 ass¢ts ofth*¢h*tabkn LI*￿partY and he￿ for In 80 tsr as tr*tn*tees ere Wdrtr. the Irusts& ha taken ￿ St￿ that th6y k) h*0 fkn to make th￿$￿¥8$ w4re any a￿11 l.D.-.n..-.g.oz4...._...... rd. Tnthg p￿86 REPORT OF THE INDEPENDEKf AUD￿oR TO THE MEMBERS OF FIRING LINE LTD OF4nlon We have gudlted th6 finan￿81 stat8rn8nts of Firing Line Ltd tth8'charitabl• company'l for the year ended 31 March 2024 whieh comprise the Stal8rnent of Financial Actsvities. th8 Blan¢9 Sheet and notes to the financial st2tewneDts, includiTrg a summary of signiffeant accounts.ng p)lieiès. Tha financial rèporbng frarnework that has been applied In thgir prap￿ra￿On t8 applirable law and United TrQngdotn Accounting Standards (United Kingdom Generalty A¢￿pted Accounting Practice). In ouropinion th8 financ4al statements". give a tiue Bnd fair view of tho 8tato of tho Charitab￿ company's affairs as at 31 Marth 2024 and ol ils incoming resourc8s and appllcation of resour￿, Including Its Incorne and expgndlknre. lor tha yoar then ended.. have been properly pr6parod in accordan￿ wlth Unlted Kingdom Gonerally Awpted knounting Practic8.' and have baen propargd in arKordarKe with the requirements ofthg Cofflp8ni8s A¢t 2006. 8asls for oplnlon We condu¢t¥d our audit in accordance with Inlemalional Standardj on Audib"ng IUKI IISAS IUKII and applicabl8 law. Our re5ponsibilitr¢s under those standards are further desulbed in the Audllor8' ro8ponsibilitse8 for th8 audit of *h8 finaneial stalgments section of our rèport. We are Independent of the charitable company in 8ccordanc8 th8 8thical requlrements that are rolov8nt to our audit of th8 financial statements in th8 UK, including the FRC'S Ethical Stsndard, and we have fv1fl118d our oth8r 8thSr21 ra8ponsibililies in accordanc8 wlth th858 r8quSr8m¢nts. We believe that the audrt Q￿dence we have obtsinad is $ufficlènl and appropriate to provlde a basis for our oplnion. Concluslons relating to golng concom In Auditing Ihe ffnanctal statements, we have conduded that the tru$tg9$' u$& of th8 golng c(Jneèm basls of accounung Sn the preparduon of the ffin8nclal 8t8tements 15 8ppropri8t8. Based on tr8 work wg hav6 pgrformad. we havo not Idantsfiad any rnalerial uncertalnJo3 relating to gV8nls or tondititsns th8t, Indiv￿u81lY or co18Ctively, may cast Blgnlflc8nl doubt on tho charftobb companls abillty to continue as 8 golno conc9m lor 8 Partod of at least tsvelve months trom when the financial statern9nt$ arg arthorlsed for Issua. Our r￿POnSIbIlI￿83 Ènd th8 rèsponglbllltiès Df th• trugtèas w￿h r•sp8ct to golng concem are d?￿rtbed In the relevent $acllons of thls rep¢Jrt. Other Inlorniatlon The truslèas Ar• responslb18 for the other Infonnatlon. The othor Infom181ion eomprfs88 the Informatlon Indud•d in thè Annual R8POrt, othsr than th8 financial st&l8monts and our Roport of the Independent Auditors Iherètsn. Our oplnlon on tha financlal statements does not cover the other Informatlon and, axcept to th• &xt•nt oth@￿s6 8xpllchly $ts1gd In gur rsport, we do not exprass any fom ol assurllnco concluslon Ihereon. In connectlon wllh our 8udit of the financial st8tem8n15, our rèsponsiblllty 19 to road th6 olh#r inforrnauon and. in doing $0, consid8r whether th8 other Information Is materially Inconsistent with th& fin8n¢ial statements or our thowl8dge obtalned Sn the audlt or olhgMi$è appoars tts bs mat&￿*11Y mIsslat￿l. If wa identify such mal8rfal Inconsistencies or aPp3￿nI material mlsstatements, we are requlred to detsrynlne whoiher Ihls glv88 rfse to a matorfal m18Statem#nl In the financial 51aternents thems6lvgs. 11, bosed on the wort( we have performed, we eonelude that thera Is a mat8rfal misstalement ol this other Infurmotlon. wo are rgquirod lo ruptsrl Ihat fact. We have nothlng to report in this regard. Oplnlon# on other mattors prascrfbed by the CompanS0s Act 2006 In our opinion, bèsed on the work undertaken In the course ol the audit.. th8 infor￿￿￿on given in the ReFX)rt of the Trustees for the financial for which the Ilnandal statemants ara p￿pared 1$ ¢tsn$lstont with tha fingntial statèments., 2nd thg R&port of the Trustees ha3 been preparerl In accordance vAth applkabb legal requir8rn8nt5. Matt•r8 on whl¢h we are requlred to report by excepllon In th8 light of the knowlerlge and understandlng of tt)& charftable ¢omp8ny and its anvironm8ril obtained in the course Df tho audlt. we have not identified m8terial rnisstatements in Ihe Report of th6 Trustees. W8 hav8 ntsthing to report in respect of the fol￿ng matters where th8 Companles Act 2006 r8quir85 US to r8PDrt to you if, in our opinion:: 8doquat8 8(xounting re￿rdS have not be8n kept 01 r8lum5 adequate lor OUT audit have not been received from bran¢hgs not visitcd by us-, or the financial statements are not in agreement wrth the accounbng rscords and retum8,' or rtain disclosures tsf truste6s' ramunerabon specified by law a￿ not made., or we have not re¢eivod all th8 Inforrnauon and explanations w8 requlre for our audit., or the trustegs W8r8 not entitled to take 8dvarttage of the small companles exemption from thg requlremgnt to prapar8 Strategic Report or in pr8paTrng tho Rewrt tsfthe Trusteos. Page 7 REPORT OF THE INDEPENDENT AUDITIXS TO THE ME118eRS OF FIRING LINE LTD Responslblllllts oltrustees As explained rnore f￿lY in th8 Statemenl of Twu5te8s' R•sr*MSfj￿1oties, Ihe In￿le¢S {wtK> are also lh8 dirèctors of th8 charitat>le ￿MpanY for lh¢ purpgses of cunpany lawl are reSpc*￿•t1e lor the preparation of the fina￿la7 #at¢rnents and for being satisfied that they gNe a In* and fair ￿ew. and lor such intemal Contr￿ as Ihe trustees deiennine is necessary to enable the wepaiatKiTr olfinanc*l Statem￿ Ihal we free frryn matsriJ rnisstat&nent. due to fraud LN error. In prèparing the statemefits. the tr￿S are rÈsponsitAe for assessing the cha￿table companls ats"&ty to continue as a goirMJ eoneèm, di%closing. as aFWKai4•. matters rekbj to going eoneem arKI using the ￿Ing coneèm basis of accounting ￿lesS the trustees wther y￿er￿j to IiwKlate tr* ¢tharitat4B company or to c8ase ope¥ats"ons. or hav8 no realistic altemati¥e but to dts 50. Our r¢$ponslbllltles for the au¢lit of th• financlal stateme Our objecbves a￿ to obtain reasrmable assurartt about %thether the finwAal ststements as a %*hole a￿ free from material misslatemenl whether dug io frauj or errty. and to issue a Report of the Independent Auditors Ihat indudes ow opinion. Reastsnable assurance i8 a high levd of assurance. a gjarantee that an audit ¢ondudod in a¢wrdan¢e *ith ISAS IUKI will always deieel 8 rnateri￿ misslatemeni when rt exists. Misststements can arise from frau or error and are consK1ered ma¢eriJ rf. indivK*Jally or n the aygregale. they eould ￿3$onabty be ewed to snfluence Ihe ecc1￿m￿ deosKJns of Ljsers taken on the basis olthese finanuJ Stat•￿ents. Irregularibes, induding Irdud, are fftstsrtes of non-COmF4iarKe with r￿al￿5. We de5NJn Fy0￿UreS in &ne Ih our resptffisibilitsès. oullwwd above. to detect rnateri* misstatements Ml fBsped of irregularilies, indudiry fra￿1. The spècthc prrxe<*Jres for.this engagement arwj thè èxtent to I1￿ we capabk of d•t•d1￿ irwil*ities, iTrdtsthng fraud is detailed below.. Erquiry ol entity manag8m8nt to ￿￿entity any.instarKes of r￿-cO￿lanCe with laws and regutations.. Perf¢ymir4J audr( ￿￿jrk over the risk of management override of 0￿1￿cl5, indudwyj teslwig of journ81 entries and other adjustrnenis for apprcpriateness. evafuating the business ratic￿are of S9nIfi￿nE tran¥actions outsid8 the nomial course of bu5ine55 and r8￿ewtng accountiThJ estimate5 for b￿￿. Reviewing minutes of Mee￿.ng5 of Ihose d￿rged wilh govemanc8.' Rgvigwing financk81 stalemenl disc1￿￿[?￿ ￿ leslirvd to SUFgwknJ dwJJnenlation lo asw55 comFlk?nrA• a￿lcable laws and regulations. Because of Ihe inhetenl of an audiL Ihere rs a ii5k Ihat we ￿ Thjt detect all irregularili8s. ir￿￿Jdin9 those leading tg a rnaterial mis5taternent in the ffin8rKial $tatements or r￿-CoMpl￿ar￿ with regulalion. This risk increase$ Ihe that COM￿lay￿e wilh a law or regubts.c￿ is removed I￿n Ihe events and trartsacb"on$ reflected in the fmanrial statements. as we VAII be less lthety to become aware of nstances of rwi•iatKe. The risk is also 9reater regarding Irregularibes occurrin9 dug to rafvr than error. as fraud invrths 1rrtent￿l corK*alment, forgery, colusKJn. cfflission or rni8repres¢nlalirffi. A ftjrther descriplion of ￿r respw￿l￿'Irtses for the audrt of the finar￿la1 slaternents is IcKAted on the Fnanc4al R8porb"n9 Council's website at h1￿.frO￿9.U￿8utht0r¥espc￿b￿"tses. Tr￿$ desrywi￿ forms part ofour Report of ts Independent Auditors. Us• of our r•port This report is made solety to the charitsble ¢cxiwanVs members. as 8 boty. kn accordance with Chapter 3 of Part 16 of Ihe Companies Act 2006. audit has been uThJertaken so that we mKJht state to the ¢haThtsb￿ o)mpanYs mèmber5 Ih05e mallets w• arn required to State to Ihem in an auditots. report and lor ￿ Ot￿r purFM)se. To Ihe full8St extent pernilted by law. not accept or assume reSpor￿1￿1￿ to anyts)e other than Ihe charitable corypany and the ch¥wItsb￿ &)nyanYs as a tthly. our #uditYAThk. kn thKs reprt or QF*ntrJns wè hava fc¥med. jU￿a Mortwner IsenkystalL￿ A￿lIar) for and on behalf of NIHA Statutory Audite CARDIFF CF23 8RS MHA is I￿ IradN￿ name of Maclntyre HUd￿n LLP. a limiled liatrflty partnersh in England aTrJ Waks Thwnber OC312313) Page 8 FIRING LINE LTD STATEMENT OF FINANCIAL ACTMTIES IINCORPORATING AN INCOME AND EXPENDMJRE ACCOUNT) FOR THE YEAR ENOED 31 MARCH 2024 2024 Total 2023 Totsl funds funds INCOME AND ENDOWMEMTS FROM Donations and legafies 39.504 40,1 64257 Charhable acllvltles Education ol the publK in hisw nmlilary accomplishments 326, 326.690 248.865 Other trathng acbwti8S Investment income 13.091 5.922 25.703 13.091 10,070 18.288 4.877 4.148 Total 372.052 43.6S2 EXPENDITURE ON Raising lund5 13,631 13.631 76,950 Charltable activStlos Education ofth8 puts1￿ in hISt￿Y ffl￿rfary. accomplishments 3CO.751 331.260 314.362 421918 9ainsl0oss￿I on in¥¢5tm￿ts 1028 2.028 11.3661 NET INCOMEIIEXPEMDITURE) 57.670 15.171 72.841 197.0171 RECONCIUATION OF FUNDS rotal Ivnds bmught ftsrwawd 110.￿)¢ 555.069 852,086 TOTAL FUNDS CARRIED FORWARD 125 175 627.910 The rKkns ftym partofthese fmantsal ststements FIIING UNE LTD 8ALANCE SHEEr 31 MARCH 2024 2023 Total fund5 Total FLXEO ASSETS Intsngknla assets TangitAe assels 16 17 18 1.620 a340 ),123 los￿1 752551 CURRENT ASSETS Stocks OBbtDf5 C85h at bar*aTrJ tn l*r 19 3,187 71264 3,1B7 n.39J 3.749 24.786 277.749 1.126 18198 411M14 19,324 431.138 ¢REDrroRS Amounts faling due within OT* ye 157.5551 157.wl I22.￿24) NET CURRENT ASSETS 373x3 1.OLY).959 125.175 1.126.134 1.￿.610 CREDITORS (4982241 (4982241 (510,S71) MET KSSETS FUNDS Unrestricted funds 24 502.n5 445,065 TOTAL FUNDS subie¢t l (wwanles regina. tsi.Z... ...... and w*• s¥Jned ljehalfty. MrJ Page 10 FIRING UNE LTO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Firin9 knn• ￿mIe￿ ks a c(*npany limited guarantee incryporated in Wales within Ihe United Kingdom. The registered 4)ffir* is Cardrff Castle. Casye Streec Cardrff. CF10 3R8. Each member has agreed to ￿nIntrAIte sum notexc8•&wvJ £10 in Ihe 8¥8rt ofthe chwtty being up. The financ4al statements art weserted kn StethJ {£1. the clynp￿S fiJrKipJn* i)Jrrerw. and ffjunded to the nearest pouTrJ. The wincipal acbvibes and n￿r* of Ihe thaiivs op•ral¥)ns is to the wbbc in history and mllitary accornpli$hments of the United KingJNn by an exhknibcffl tsJmmrTr)rating over 300 yeaTr of p￿c￿d and distinguished hisw. The signthnt 8¢xounbng a￿ed in the preparation of these statements crtrt beknv. Thase pc4ic4es have teen CL￿1$￿￿ appli8d lo all year5 presented unlets otheTh*ise 51at*d. ACCOUNTING POLICIES Ba$ls ol preparbng the firian¢lal stat•ments The finanual ststeffthts of Ihe tharitsNe company. wtsh r* a public benefit enbty ￿der FRS 102, have b8•n prepared in accordance %wth the Charities SORP IFRS 1021 'AtteoJnbng and Rep)rbng by Charihès.. Statement ol Rteomn*nded Practice appI￿a￿le to charities prepa1m￿ thwr accounts in accordance With the Financial Reportin9 Slandard appli¢8t4e in Ihe UK and ReFx* of Ireland IFRS 102) lelleaive 1 January 20191,, Financial Reportin9 Slandard 102 The Finaroal Reportiro Stsndard applcat4e in the UK and ReputAK ol I￿land, and the Cornpantes Act 20C6. The ffinan(xal slatements have been prepared under the historical cost convention, wilh Ihe gxception of Inve51ments whKh a￿ induded at markel v*ue. as rnTrJffied by the re¥alualtr)n ofcertain assgts. Goln9 ¢oncern No material uncertaintios ex* rela1W￿ to (0ntht￿ thal may * 5igwMfKant ¢*yJbt upon th? 8ntty's ablity to conlbnue as a wng concem. Incom• All inc￿9 is reeognised in the Statement of F￿a￿al Aclplibts orKe Ihe charity has enmement to Ihe fvnds, it probable that1he income ¥AII be WBuifftI. ￿ Ihe an0￿￿ can be rr*asur•J rethably. This irKlude5 Caprt￿ grants. Donations and legaEies inGorne o￿a￿.￿nS and legacies income indth ¢knalts)ns. gifts and grdnts trAt pro￿8 fw)thng CY ar• of a general nalU￿ are recognised where there is entsl&Y*nL wobability of receipt aTrJ Ihe #mount can be rneasured wlth suffiotsnl reliaixlity. Such irt¢Th is orty deferrnd when Ihè don￿ sptcffj￿s it must be used in tuture attounts.ng peric¥Js orth• ¢hJnc¥ has Imp050d cornJi1￿ whKh rnusi b• mt befo￿ th• ch*ity has th)conditional enkn"bement. I￿orn• from ¢haritabl• a¢tivitlès Income fro¥n d￿rita￿e aclivibes WKJud*s incA)me recep4ed thderwtract orvtheft entillement to gfant fvndNvJ is subject to 5pecits performance eondtbons. This Krorne is recogntsed as the related semces are prDvideL1 and thèrè is enti￿e￿￿l probthlity of receipt Ihe amount can b8 m*agJred wilh suffic¢￿1 reliability. IN￿Me is elerred when th8 arTr)unts receNed are in advance of Ihe of the 58ryic• or •vent to which they (Xher tradlng actl¥iti05 income r&lated SeTh7￿ ore provh*8d aThJ ￿Te ts enli118llWt. probaknlty of recwt aTrJ Ihe arnount can b8 rnea5ur8d Vlith $uffiwnt reliabdity. IrK)j￿ is deferred when Ihe arrwnts received a￿ in advm of Ih8 perfr*m0r￿e of lh8 se￿Ice ¢x event to they ￿ate. In¥•strn•nt kn¢t)m• Investrnent incom• is reci)3nised on a rxewat4e ba5i5. DO1￿•d goods Incorne reWV￿ frryn thy￿18d gc#xts reg￿liSed sth ofth? ￿¢d$. Page 11 f•)ntinued... FIRING UNE LTD NOTES TO THE FINANCIAL STATEMENTS- c¢ntlnwd FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIE$- coTrOnued Expendllu Expen4Jiture Is recogni8e(l as expw#1ityrn a5 sc4￿ as Ihere is a legal ￿ ¢￿StrU¢￿Ve ot4vJatyon (a)mrniiliTrJ tho chanty to that expendrtvre. it 15 probable Ihat a transfer of e¢¢￿)m￿ berefits wll be required in setllement and the arnount of Ihe oblvJation tan be rdiabty. WendthI￿ 1$ a¢xtyJnted for on an ac£nJals basis and has been elèssified under h8&Jings that aggregate all ¢ost related to Ihe catwry. Where costs cannot be direcdy atlributed to partic￿aT hèadwKJs, they have ￿￿x8￿* to actNilJ*s on a basis fJ)nsistent with the use Expenditu￿ on raising funds ind(kle costs offvndraisirg, aoWisThJ, marketiThJ aTra (lir8Ct rnal m*eriaL8 as w81 as a prowrtion of salaries based ￿ an approximalion of twne S￿￿1 in ttms area. Expenditure on charitable expenditu￿ umnprises those costs inuNred by.lhe charity in lh8 delivery of its aCtiMt￿S serVi￿S for its benefic4aries. It In¢*Jdes costs thal be akcated dI￿¢ty to suth acIMt￿ and those osts ofan in(lirec4 natu￿ ￿ to suppyt them. Support cosls are those costs that. *thilst ne￿$sary to ddNer ￿ actTrity. do not themselves yoduc* or c¥nstitsJte Ihe output of the charitable acimty. Thi5 illctudes 9ovemanc* ￿51S T•hK* are Ihose costs a$S￿l8ted ih ￿ets"ng Ihe c(￿stIlYt￿￿l and ststtrtory wuirements d Ihe tharity and I￿111e Ihe 0¢￿Un￿n￿Y fees 8nd costs ￿ked to the strategK management of the charity as well as a ol salaries based on an approximation of t•ne spent in th¥s area. l*xatlon of support Costs Support Costs are those that assisl Ihe work of the dHrity do rv)t dir•dty undertake charilat4* actmties. Support eosts ￿(b￿de fina￿e costs. staff ¢x)sts. genernl office ar￿ administrabon costs and govemance tosts whth gJppL¥t thè Museum's prt¥Jranwos ar¥J thibgs. These costs ha￿ been allocale befften tost of rdising funds and expend￿￿ ￿ charitable acb¥bb"es based on an eslimate of time or ￿soUrceS a5 ￿prOpriate. Intsnglbl• assets Intsngible assets are capitslsed at cosL Aft￿rtisa￿.on is ealculated so as to off the cost of an a5se( less its estimated rèshknl value. ovèr the useffijl Ilfe ofthat asset as folk*￿. Website develoFvnent costs . (her5 ye*s T•nglble rued assets Fixed assets a￿ caw&￿ised *ty)St. Depreciation 15 caknlated so a5 to write off Ihè c¢£1 of an a5s•(185S its Èstimatsd r&sidual value. over th• us•thJl life of that asset 85 foltr*s". Leasehohl prowty imwovements AJlefacts. art WKI iterr6 rn dwlay Fixtures and fittings EquI￿￿t -VaryiThJ rate5 between 2- S years -Over1Syea Investments Investrnents ￿ Ind￿ at market ￿ue at ba1￿ce sh*t tjate. Reafised ark1 th)realised gains or losses on Stocks Stock is ￿kMIed at the ofo%t or net real￿ ¥alL* usiry ts FIF.0 $￿vaKIal￿ meth￿. Taxatio Page 12 FIRING LINE LTD NOTES TO THE FINANCIAL STATEMENTS- ￿1￿( FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES- ¢(x*lnu•d Flnanclal Instruments The charity 0￿ has finanual assets and (￿ana81 lab1th5 of a kmd that quaffy as basbc ffinanc*l instrurnents. Basic finawal initialty r•ctyJThsed at tr￿S3¢￿)n wid subsequ¢nVy mèasur&J at Iheir setuement value. ConCessron￿ bJarn5 ar• recognised m•asur•d initially at lh• transaciN)n value. lh• ca￿n9 arrnunt Debto Trade dèbtcrfs ¥nd rther debtors are wised al seillen￿ amtyjnt du• after any tr•a8 d￿co￿ts offered. PrepayTnents are vaw at the amrA￿l p￿pa￿j rel ofany lTrde iJi5c¥Junts Creditors Creditor5 are recconi5ed kn the thairty has a present ￿gation re5tAhThJ from a past event Ihat will probabty re$ult in th¢ transfer of lunds io a Ihird party and Ihe anwnt due to settle the O￿￿jab.0n Can be measured gr estimated reli*. we W recowised at Ihwr set1J￿nt amount after alovmg for any trade di5o)unts due. Fund accounlln9 Unre51nded funds be used in actrxdancefAith the d￿rIable obixives atts diyxetKffi ofthe trustees. Restricted lunds ean onty be used for Pa￿"Cular restncled p(W[￿e$ ￿thIn the objects of tr* d￿rity. Re$tsictior adse when specthet1 by the th)Tror or ¥then funds a￿ rawl for partitrjlar purposes. Furthef exFAanatiM of Ihe nalU￿ and PU￿se ol each fund ￿ iNJuded in Ihe noles to the finandd slatements. Hlre purchase and leasing ¢ornm+lments Rentals paid under operab.ng knes are ¢harged kn the Statewwt of Finanaal Activibes ￿ a stratrjht line basi over the p8Kd of Ihe lease. P•n$itin eosts and other post￿tir•M¢Trt benefits The charitable c¢ympany makes (x)ntributiMs to peTrThl pensth sthemes on behaw of tts empl¢)yees. Contsibutiws are ¢haryed to Ihe Slatement of Ackn in th6 perkxl tot*thKh they relat0. Slgnlficant ac¢oundng judgements and ¢sthnates The preparation d Ihe fina￿01 statements requiw manag￿ent to make esbmales aTrJ a￿UmptiOnS corKeming Ihe f¢Jtyre. The resultiThJ actJxJnb"ng estimates will, by deffiftilton. be lthety to differ from Ihe r8lat•J a¢tual results. No estunates or assumptior￿ have W identr￿¢ Ihat have ￿￿IfiCant risk of causing material adiu51rnent to the anbjunts of assets ory1 liabffilies within the next finawal year. DONATILIYS AND LEGACIES 2024 2023 Donaticffis ¢>an¢s 830 63,427 40.150 2024 2023 OD Gia Federation oflAuseums and Art Galteries olwales Natiwal Manu5tripts conservab.on Trust Amied Forces Covenant FuThJ TnJst- SustainirKJ sukwt core ¢)xls Amed Forces Covenant Fund Trust via Adferiad 24.004 rJ,079 600 26.2 12.5Crf) 63,427 Page 13 cx)nfynued... FIRING LINE LTD NOTES TO THE FINANCIAL STATEIAENTS- ¢wUnued FOR THE YEAR ENDED 31 MARCH 2024 OTHER TrADING ACnVITIES 2024 2023 Events- Mus8um hire Royalbes Function drinks Shop sale5 Work pla¢em¢nts l Graduale Internship 700 5,492 100 12,288 258 8.354 18.268 INVESTMENT INCOME 2024 2023 Dsvidends receNed Deposit acccwnt Inler85t 4.146 5.922 3.670 1.207 10,070 4.877 INCOME FROM CHARffABLE ACTivmES XJ24 2023 Gate receipts Resear¢h Educats"c 321,340 340 244.789 200 3.876 326.6 248.865 OThERIN¢OME t)uriTrJ the year. rAhef inc(¥ne of £25.703 has reccwsed in relalbjn to a rates rebate covwiry 2017.2024. RAISING FUNDS Olhgr tradln9 •dlvlll•s 2024 2023 Purthases Slaff costs Costs offundR￿S and ev￿$ Shop intem¢t ffinanc6 eknarges Depwat 6.334 6.253 293 751 4,117 6,280 66,138 388 27 13,631 76,950 P4e 14 conlwiued... FIRING LINE LTD NOTES TO ThE FINANCIAL STATEMENTS- c¢rflnued FOR THE YEAR ENDED 31 MARCH 2024 CHARThABLE ACnVITIES COSTS Dire Costs Isee ts101 )sts (see note 11} Tola15 EducalJ"on of Ihe pthic in htslthy arnl militsry acojnpltshments 261.533 69.727 331,260 DIRECT COSTS OF CTrIARITABLE ACTMnES 2024 2023 Slaff cWAIEIITS FROM Drmabons WKI legacies 830 63.427 64.257 Chorft•ble a¢llvltle¥ Education of the public in arrfl rrdlil acc(#npl1skn￿nts 248.86S 248.865 OthertradiThJ ad1V￿e$ Invesbnent inc¢yne 12.945 1.207 5.323 3.670 18,268 4.877 Total 263.847 EXPENDITURE ON Rais*79 funds 76.99) 76.950 Charbtable activities Educ81ion of the publie il hisb)ry al￿ military ac￿MF415h￿￿nl5 254.252 90.716 344.%8 Total 90.716 421918 gainsl{bssesl on Invest￿ts 14ET INCOMEIIEXPEIIDITURE) 167.355) {29.6621 197,0171 Page 16 ccfflthnu&J... FIRING UNE LTD NOTES TO THE FINANCIAL STATEMENT5- e4>ntinued FOR THE YEAR ENDED 31 IAARCH 2024 . 15. COMPARATIVES FOR ThE STATEAIENT OF FWCIAL ACTIVrn. ¢ontinE*d UrKestrthd fvn(l$ Restricted ftjnds Total ffijnds RECOIICIUATION OF FUNDS Total frjnds brwght foThvard 512.420 139.666 652,086 TOTAL FUNDS CARRIED FORWARD 445.[￿5 110.C 16. INTANGIBLE FIXED ASSETS Website developm8nt COST At 1 2023 31 2024 AMORTISATION At l April 2023 Char9e forye¥ 11.360 720 At 31 IAarch 2024 12.080 NEf BOOK VALUE At 31 March 2024 1.620 At 31 Mar¢h 2023 17. TANG18LE FIXED ASSETS Lor9 Fixtures and Eq￿Pff￿nt Tcials COST At 1 2023 and 31 Marth 2024 38,892 112.649 27.827 1217256 DEPREcwmoN At 1 AW 2023 Charge fr)r year 416.527 27.$77 3.469 68,99S 24.034 1.349 537.133 35,043 At 31 Marth 2024 572 176 NET BOOK VALUE A131 Marth2024 $98.796 7.846 35.994 645,080 A131 Marth2W23 621.361 11,315 43.654 3,793 680.123 Page17 continued... FIRING L114E LTD NOTES TO THE FINANCIAL STATEMENTS- FOR THE YEAR ENOED 31 MARCH 2024 18. AXED ASSET INVESTIAEiirs Listed inyesknents MARKET VALUE At 1 April 2W23 Additson$ Revaluation8 99.837 3.986 2.028 At 31 March 2024 105.8S1 NET BOOK VALUE At 31 Marth 2tY24 105.851 At 31 Marth 2tr23 99,837 2024 2023 Historical cost of invoslments 19. STOCKS 2024 2023 Stocks 3.187 20. DEBTORS: AMOUNTS FALLING IXIE WITHIN ONE YEAR 2024 2023 Trnde debtots Other debtor5 Prepayments and ac£nMd irny) 37.579 1.163 33.648 16.202 1.001 7.563 21. CREDITORS: AMOUPITS FALLING DUE IltrHIN ONE YEAR 2024 2023 Other h)ans (see nolè 231 Trade creditors Sttial security and olherlaxts Other creditor uds aNI deferred income 22.246 4.418 6.756 13,Q47 7,370 1,877 4,130 1,038 8.509 57.555 22,924 ' Page 18 t￿￿Trued... FIRING LINE LTD NOTES TO THE FINANCIAL STATEMEPtTS- ¢¢￿tInUed FOR THE YEAR ENDEO 31 MARCH 2024 CREDITORS: AMOUNTS FAWNG DLE AFTER thIORE THAN ONE YEAR 2W24 2023 Othei loans {see not• 23) 498.224 510,571 23. LOANS anatysis ol the matuiity olkwts is given betr*: 2024 2023 ￿n￿Unts falling within one yewon demarnl.. L03r 22,246 7.370 Amountslauing betslwn yèas.. Loans 7.698 AmcNJnis faffin9 due betsw8n aThl >ws: Loans Arn￿Trts falWn9 due in mom Ihan fv• yews: Repayat4e by instaknents.. Loans 486.650 Fin8naal instrurnents measured a18rTrJrbsed cost an eff￿1￿￿ interest rate oynprise the ljan firAnt*ng ovbjed by 1st The ()mn's Drwjoon l>Jards Heri¢a9e Trust and Tr Royal We15h Regknentsl Trust The loan finarKw¥J is n the f(Mm of 8ecwed ￿)th with an effethe inlerest rale of 1.67%. The total intor¢¥t charge tor IKJth loans recognffjed within the Staternent of Fironrial A(*iMtEs arrK)unted to £8.53012023'. £8,750). Al Ihe year end Ihe ¢)wed 1st The Drawn Guarfs Herita9e Trust £260.23512023'. £258,970) The Royal Wdsh RegiM￿tal NAuseurn Trust £260.23512023.' £258.9701. $￿Jrity ofthe loans is held by way of a fixed and ffloatrg cme C￿ the a￿ts of¢harity. MOVEMENT IN FUNDS Net At 3113124 At 114r23 in funds Unrestrl¢ted fvnds General fvnd 445.(￿5 57.670 502.73S R*strl¢led lund$ Daffodil Education fund Stsps to Sust*"natxlty ProJramm8 Mernorial Garden fvnd 520 ProvistoniNJ new prerrHses Nal*)nal Manuscripts ConseThation Trt￿t Armed Fr￿¢$ covenant Fund TILL81 v Adferiad- Veterans wo {4661 (9531 1441 6.176 {6001 2.305 1,651 106.976 1,695 100.a(Ki 600 11.058 13.558 110,CQ4 125 175 TOTAL FUNDS 72,841 627,910 P40 19 eontinth￿... RING LINE LTD NOTES TO THE FINANCIAL STATEMENTS- 6(#ttlnwd FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENf IN FUNDS-contlnued Net ￿K)vernent in fvnds. iThaKleil in the abry¢ w¢ •s InoNning ReS￿r¢e$ Gains and losses Movement in fvnds Unrnslrict•d funds Gènera fvnd 372.052 1314,382} 57.670 Restrlcled funds Grant in aid IGw} Amowanee Daffodil Edwtion fund Steps to Sustain8bilty PrwarNne Memorial Garden ftjnd Provisioning new premises National Manuscripts ConseTh&"on TnJ51 Amwd FO￿e$ Covenant Fund Twstvia . Adferiad. Veterans wcrfk 24.(*)4 I24,(￿} 14661 1953) 1441 14661 1953} 1441 6.176 {6001 4.148 2.028 {6001 15.171 TOTAL FUNDS 415.704 C•mwativ•s for movement in fimds Net Transfers Al 114r12 in fw¥Js 3113123 Unrestrlct•d fvnds Genernl fund 512.420 167.3551 445.065 Reslrkted funds Daflodil Education fund Amied Forces Cov•nanl F¢ThY Trust-VE Day 75 Event Steps to susla1na￿Ity PTO9rJnme Mtrmoiial Gar￿l￿ fvnd Sjstsining SUPPYt fmts PfOViSW)ning new prerrises National Manuscripts Conservabon Tiust A￿ed Fortes Ctsvenant Fur￿1 Trust via Adfwiad- Vetsrnns wot August Vetsran5 Event 2.197 {1.0161 1.151 8.741 7.497 9.23S 18.7411 {4.239} 17.5401 {3.5001 17.6961 3.258 1.695 108,496 100.800 600 2.500 .741 139.666 TOTAL FUNDS 97 0171 555.069 Page 20 C￿lnUed... FIRING LINE LTD NOTES TO THE FINANCIAL STATEMENTS- FOR THE YEAR ENDeD 31 MARCH 2024 24. MOVEME1￿ IN FUNDS- conllnued Comparative ￿t rr￿err￿( kn fuThts. rdtyjed in the above are as foll￿￿. IrKorning Gains and Movement in (und$ General fund 263.847 312021 167,3551 Restrict￿ funds Grant in aid IGial Al(yw8n¢e Daffodil Education bjnd Federalion of Museums and G8M*iès of Wales steps lo sustaina￿lty PrograrTwnt M8rn0rial Garden fvnd Sii5tsining supwt ￿$ts Prtiwsioning new prerThses Nationa Manuscripts COr￿erVat￿ Trust ArrT*d Forr*$ Covenant Fund Trust via Adferiad. Veterans Augustveterans Event 23.079 {23,079) 11.046) 11.0461 1998} 14.239} {7.540} 129.79)} 14,2391 17,5401 13.500 17.6961 26,250 3.670 111.3661 2.5LX) 15.323 2.500 8,7411 TOTAL FUNDS 421 9181 970171 Grant in IGIAI fimd . TINS receiv•d Irom MThThsty and Lirp)J*d by The Amy mUseun￿ OJilbyTwst IAMOT). (£rfritrArtes payrr*rt ofsthry forthe QDG Curator. Daffodl Edueation fur￿ - chanty re￿Ne￿ a rtstrictèd during tt)e 2017 financ￿1 yaar t¢x¥ards educati¢)n I￿each *id ¢>Jtrea¢h. The ￿Mainl￿3 bjnds v*il be ubltsed within Ihe Fknanoal year 202412025. Memorial Gardèn fund- fimding of £10.OCiI w recew8d in a w y•ar frc•n The Arry*d Forces Covenant F￿d Trust tr1￿rdS the costs of Ihe ¢*s¥Jn and ir£tdlation of a rnerrnri￿ gwden adjacent to the Abandoned Soldier ststsje. 'Steps to Su51ainatslsty prtxJramme' _ fiJThJtThJ ol tg,997 was r8ceNed ￿ a prfor year from The National Lottery Heritage Fund to organise and delwer a p*)t ¢t￿lerenCe at Ihe rnu5eum. devesop a d*31t￿ rnarke*ng stratsgy, as well as rna￿ThJ improvements to Ihe mJstrJm's relal offer the wehas• ol # ctsttempornry 011 system. The fvn¢Jing continued to b$ utitsed in 2024125. National m￿u￿rip1S ConseNation . knding of £6￿) vas I￿ed ￿[￿[¥? Ihe 1787 ￿r￿'S 0rag¢>Jn Guards reuuitsTrJ insl1u(*￿. Armed Forces Covenanl FuTrJ Trust Adferi•J . Veterans work. reslnthd 9rant fimdY¥J was rewed to b8 all¢￿ted towards aGt"wbes. meetir￿S aTrJ e¥￿ts for Veteran users, aUd￿nCeS and netrths. ProwsicffjirvJ new wemises - The Athles of AsxKiatK)n 7Atre rt*Titten and adopted by the Flring Line Boanj at n Extraordinary General Kleeting that look rAace on 14 Marth 2022. In accordawe with the Articles powets lo invest frjnds into a Charity C¢mrnission reetsjnised on a long-term b3515 which ar* restrided for ihe purpose of prO*iS￿ning any prem￿$ as may be rtquired by Ihe chari￿. a rthy reslricted fvnd has been cr8ated. The restrictsd bJTrJ rnay ￿Y be used rf the Charity first obkins the written approval of Ihe parti8$ ststgd in the Arts'cles. The fvnd balance as al 31 March 2024 rewesents the investrnent valuation of £105.851. plus acLYued dNideThJ income of£1263 *ith¢Jed in DeblLYS. whKth b add￿0￿￿ tts the valuai•)n balance. Prlor year only VE Day 75 FuThd- Gr8nt fuTrJiThJ was ret*i4*d frrxn the Arn￿d C￿eTrant FuTrJ Tn￿l- 160L vknJm a8 resutt ofCOVILY19 to h051 the VE Day 75 evenL FuThJirg was transferred to Ftring Line. lo cover costs of hosb.ng VE Day 75 E¥ent. aThY ¢yealKm of a Veternn's Fkn in support of Ihe VE Day 75 ￿let￿a￿"t￿$. Th 18 Ihe lund transfwred to the kngust Veternns Eveni fiM¥J. Page 21 continL*A... FIRING UI4E LTD NOTES TO THE FINANCIAL STATEMENTS- wrtlnued FOR THE YEAR ENOEO 31 MARCH 2024 2& MOVEMENT IN FUNDS- eontlnued Sustsini¢vJ support core costs . restrKled grdnt fundiNJ vr&s awthed from The Am*d Forc•s Covenant Fur¥J Trust lor a 12-rrnnth perioj in SUPFOrt ofcore ￿tal seryices ￿poL¥t Federation ol Musewns and Axts Galwies of Wales . fundir¥J crf £gXI was awarded for a project entiued "ExpINU￿ the militsry Ihrough arr was Ic*wseil ￿ running tsvo art based sessions for farrilies arld okler people. An additsonal £498 was rtteived lo o)ver the oftravel and fcoj for 2 ern￿oYeeS to altend the Amy Museums (4ilby Trust Confemee in Odober21)22. A￿ust Veterans Event. fwbJiTr3 rece￿1 tcttHds the Swnm8r GanJ8n Paty Summer Eve Ccnc*rt in tho und5 of Cardiff Casye. 2S. EMPLOYEE BENEFIT OBLIGATIONS The tharity opernles a defir￿ conln"bub"on pension schwne. of the scherne a￿ held sewately from t￿)se of the charity in independenty èdmInkste￿d funds. The pensK)n ￿)$¢ char9e ￿p￿sefits tMtribub"ons paid by the ¢harty trj Ihe frjnd arvj amtyjnted b) £4.542 12023: £3,1S1). (Xtslandiry o)nwibutions at the year ernl amounted to £971 {2023.. £8331. 26. RELATED PARTY DISCLOSURES DurirKJ Ihe y•ar entered into *ith Ihg ￿lated parties.. Nam• of relaled party 1st The Q￿n'S Dragoon I￿¥[d$ Heritage Tnffj¢ Th8 Royat We15h Re9iment4 IAuseum Tn￿t Relationshlp Truslee5 in common &gnificant ln1iue￿e Name of related party 1st QI￿nI Drawi Guwth Heritage Trust Loan it¢rvst payaÈ49 2024 2023 4.265 4.375 The Royal Welsh Regimentsl Museum TnJst Loan threst payat4e 4,265 4,375 Amounts rArtstsrpknJ at th• ywi ernl are as fc4hMs'. Nam• of r•lat•d party 2024 2023 1s1 Tr* ()Jeen'$ Dragxrfl Guards Heritage Trust Loan cr•rfrtor 2￿￿,235 258.970 Th• W8lsh Regirrenlal Museum TrLkSt 260.235 258.970 The majority of artefacts and items ￿ ￿￿[AaY at the mLBeum a￿ rm k)an frrxn 1st Thg Qwn's Dra&V￿ Guards Heritage Trust and Tr Royal Welsh Regrnenlal Musewn Trust Thg totsl kgy fflanageffent rwnunerakn pa*J dUrY￿ ts year was £55.61412023'. £46.4￿1. £￿tir￿j8d... FIRING LINE LTO NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnueil FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL INSTRUMENTS 2024 2023 Flnanclal a55ets Fina￿￿ assets measured al fair Ihrcwh SOFA 105 851 Financi￿ assets measured at fairvajue Ihnwh Ihe SOFA offred asset in¥8stm￿. P4823.