REGISTERED COMPANY NUMBER: 07769242 (England and Wales) REGISTERED CHARITY NUMBER: 1145031
TRUSTEES' REPORT AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
Watts Gregory LLP Chartered Accountants Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |
|---|---|
| Trustees' Report | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Cash Flow Statement | 9 |
| Notes to the Cash Flow Statement | 10 |
| Notes to the Financial Statements | 11 to 23 |
| Detailed Statement of Financial Activities | 24 to 25 |
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
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
Objects
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To educate and enhance the appreciation of the public in the history and military accomplishments of the Regiment, in particular by the maintenance of military museums and archives and preservation and exhibition to the public of the collection
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To manage the Chattels and make them available to the Regiment for regimental purposes in order to promote military efficiency
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To promote military efficiency and encourage recruitment
As a result of a governance review undertaken during 2018, the trustees decided to adopt the following vision and mission statements and accompanying values.
Vision
To deliver an inspiring and entertaining experience to a 21st century audience that increases their understanding of one of the finest Regiments in the British Army.
Mission
To tell the stories of the Royal Welsh and its antecedent Regiments, including that of the 1879 Anglo-Zulu War, in order to inspire and educate, foster corporate memory and help to sustain the connection between the Army and society to support the avoidance of future warfare.
Values
As a Museum we:
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A vibrant, relevant, innovative and authoritative organisation which is viable, self-sustaining and resilient.
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Delivering a memorable and thought-provoking experience as we both inform and educate.
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The pre-eminent Anglo-Zulu museum.
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Represent the history of the Royal Welsh and its contribution to Welsh history.
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Champion strong relations with KwaZulu-Natal for the good of humanity.
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.
ACHIEVEMENT AND PERFORMANCE
The year was most significantly affected by the COVID-19 pandemic. Whilst the Museum had to shut for large parts of the year (we closed on 18 March 2020 and re-opened on 6 August) there were also short 'firebreak' periods of closure as well as a long closure from December 2020 to 17 May 2021. We worked within Government direction and guidelines to open safely when we could (such as using pre-booked time slots). This inevitably led to reduced footfall and visitor income, and our education programme was badly affected. We were however very fortunate to benefit from six grants.
We used this period wisely:
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The curator and team provided an online exhibition to help continue to deliver our mission and maintain our profile. This made use of a University internship to deliver an online exhibition and a series of talks in order to share some of the stories we tell in an accessible way.
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The education team produced a series of online resources including information packs and delivering workshops via Microsoft TEAMS.
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We concluded our investigation into the possible move to and expansion within the Old Library in Brecon. It proved impossible to work with the local authority (who own the building) at an acceptable pace and as a result we concluded the project was also financially unviable, especially in the changed circumstances. The Museum Project Committee re-focused on how to make the best of our current premises and what we need to put in place to ensure a vibrant future there, drawing on an audience review also funded through a grant.
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THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
ACHIEVEMENT AND PERFORMANCE
- We used a grant to fund a governance review and implemented the recommendations for better routine management including establishing the Museum Operations Committee and the Acquisitions Committee, appointing a Treasurer and establishing a Governance Committee to drive further improvement and to oversee the selection of future trustees and the selection of the Chair and Vice-Chair.
FINANCIAL REVIEW
Income for the year was £555,738 (2020: £94,548). Of this £8,420 (2020: £24,619) related to restricted activities. Net income for the year as shown in the SOFA was £435,222 (2020: net expenditure £26,998).
Despite the reduction in income from charitable activities resulting from the closures enforced by COVID-19 and little reduction in the fixed cost base, the year ended with a surplus of £435,222. The £392,000 donation received from the conversion of the balance of the loan from the Royal Welsh Regimental Museum Trust by The Royal Regiment of Wales (24th / 41st) (Expendable) Common Investment Fund in June 2020 and the receipt of COVID support grants of £138,000 contributed to this large surplus.
The conversion of the above loan has removed a major liability from the Museum's future balance sheets.
Reserves policy
At 31 March 2021 total reserves were £885,054 (2020: £449,832), of these none related to restricted reserves. Free reserves at 31 March 2021 equated to £27,239. This is calculated as the total reserves, less restricted and designated reserves, less amounts invested in fixed assets.
Reserves are held for various reasons including adding material to the collection, covering deficits on operating income, substantial repairs, special projects, and also to allow for match funding against grant applications. Restricted income is listed separately in the accounts according to SORP FRS 102.
Financial and risk management objectives and policies
As part of standard management practice, the Museum has identified a number of risks that could adversely impact its operation. These cover financial, governance, operational and collection related matters. Each of these risks has been quantified and appropriate control measures introduced to provide suitable mitigation. The risk register is monitored regularly by the Curatorial team, and any concerns reported to the next meeting of the Museum's trustees.
FUTURE PLANS
As the restrictions caused by the pandemic ease, our priorities for the following year are:
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Complete our governance reforms including finding suitable replacement trustees who bring the skills and experience we need.
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Conduct both near-term and medium-term financial modelling to inform our priorities for the year and the decision on the future.
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In light of these decisions, put our capital best to work.
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Review our approach to grant applications and seeking legacies in order to best support running costs, reemergence after COVID, our re-development and acquisitions
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Modernise our online presence both to attract and manage visitors and increasingly to offer online exhibitions.
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Increase footfall over the summer months making the most of the likely rise in staycations.
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Confirm which stories we wish to tell in our current location, how and if we will need to change our layout and whether we will need to borrow items from other parts of the Regimental collection.
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Develop closer and mutually supportive links with the other museums with strong connections to The Royal Welsh.
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Develop plans for the future of the museum including confirming our tenure with the Army and planning any structural changes to be able to better achieve our mission.
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Develop plans to broaden the way we engage with the local area, tourists and our supporters to broaden our sources of income.
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THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its Memorandum and Articles of Association and constitutes a company limited by guarantee, as defined by the Companies Act 2006.
Recruitment, appointment and Induction of new trustees
During the 2018 governance review, a skills audit was conducted on the Trustees and a number of pertinent gaps identified. The review of skills and experience on the Trustee Board is now a regular item for consideration by the Trustee Board and identifying suitable candidates is an ongoing process, which has resulted in several new appointments to the Trustee Board, to fill experience gaps.
After due diligence enquiries into the suitability of candidates, new trustees are invited to apply to join the board, and if appointed, are co-opted to the Trustee Board by the Directors, their appointment being then subject to confirmation by the Directors and Members in General Meeting.
New Trustees are provided with copies of the Company / Charity governing documents by the Company Secretary and are given the opportunity to raise any queries and are encouraged to ask for any information, advice and clarification they feel would be helpful.
All Trustees are required to complete and sign a Declaration of Interests form each year, and the matter of conflict of interests is a standard agenda item at every Board meeting.
Renewal of trustees
Mr Peter Kinsman was appointed to the board in the role of Treasurer on 29 October 2020.
Three trustees left the museum during the year. We are very grateful to all of them for the time and experience they have brought. As part of our annual process of reviewing and renewing trustees, two of the trustees resigned but were eligible for re-appointment. Rhodri Traherne chose not to be re-elected. Colonel Tim Van-Rees was re-appointed both as trustee and Vice Chair. Dan Clayton-Jones left in July 2020 and The Hon Dame Shân Legge-Bourke left as a trustee in March 2021, but both remain strong supporters of the Museum.
Staff changes
At the end of the year the curator, Richard Davies, moved to another military museum after many years' service to our Museum. The trustees appointed the deputy-curator, Amanda Rosewarne as interim-curator and she has now been appointed permanent curator. Pending the planned work on future operations it has been decided not to appoint a deputy-curator.
Arrangements for setting pay and remuneration
Rates of pay for newly recruited staff are determined through analysis of the labour market for museum staff and affordability. Across the board annual pay increases are not awarded automatically, but according to affordability and included in the forecast budget which is subject to Board approval before the start of the financial year. Individual staff members can be awarded modest increases by the Trustee Board in recognition of outstanding performance or other exceptional circumstances.
Volunteers
Our volunteers are a key part of the team and we have worked hard to stay in touch with all of them and to understand what contribution they could bring during the pandemic. As we expand our opening times again, we will consider whether we need to expand their number to achieve a sustainable and sufficient operating model.
Organisational structure
The Royal Welsh Regimental Museum Trust is governed by a group of up to sixteen trustees and one Regimental representative. The Charity is governed by its Articles of Association, adopted in 2011, which clearly explains how the Charity and trustees should perform their duties. The trustees receive no remuneration for their work.
The trustees delegate the daily operation of the Museum to the Museum Operations Committee, working closely with the Curator, who in turn manages the Museum's staff and volunteers.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 07769242 (England and Wales)
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THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
Registered Charity number
1145031
Registered office
The Royal Welsh Regimental Museum The Barracks The Watton Brecon Powys LD3 7EB
Trustees
Brig (Rtd) R N Wardle OBE DL - Chair Lt Gen J F P Swift OBE - Chair until retired Retired 11 October 2021 Col (Rtd) T J Van-Rees MBE ED DL - Vice Chair Mr P F Kinsman TD FCCA - Treasurer Appointed 29 October 2020 Mrs D E Cresswell Mr R C May-Hill FCA Col (Rtd) R L Traherne KStJ Resigned 18 December 2020 Mr D M Warren LLB Dame S Legge-Bourke Resigned 19 March 2021 Mr D Clayton-Jones OBE KStJ TD DL Resigned 30 July 2020 Dr M Williams Resigned 25 June 2021 Mr N J Mansfield Appointed 3 September 2021 Mr N R Richardson
Appointed 29 October 2020
Resigned 18 December 2020
Resigned 19 March 2021 Resigned 30 July 2020 Resigned 25 June 2021 Appointed 3 September 2021 Appointed 3 September 2021
Senior management team
Mr R P Davies BA (Hons), Dip Mus.Stud., AMA - Curator Ms A Rosewarne - Deputy Curator (& Interim Curator)
Resigned 17 April 2021 Appointed Curator 1 October 2021
Company Secretary
Mr R P Davies Mr D M Warren
Resigned 17 April 2021 Appointed 17 April 2021
Independent Examiner
Watts Gregory LLP Chartered Accountants Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS
Bankers
The Royal Bank of Scotland plc Holt's Branch Lawrie House Victoria Road Famborough Hampshire GU14 7NR
Investment Advisers
Smith and Williamson 25 Moorgate London EC2R 6AY
Approved by order of the Board of Trustees on 9th November 2021 and signed on its behalf by:
Mr P F Kinsman TD FCCA - Treasurer
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
Independent examiner's report to the trustees of The Royal Welsh Regimental Museum Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ACCA which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Julia Mortimer FCCA Watts Gregory LLP Chartered Accountants Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS
Date: 11 November 2021
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THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 536,493 Charitable activities 6 Education of the public in history and military accomplishments 2,630 Other trading activities 4 1,779 Investment income 5 6,266 Other income 150 Total 547,318 EXPENDITURE ON Raising funds 7 1,798 Charitable activities 8 Education of the public in history and military accomplishments 94,981 Total 96,779 Net gains/(losses) on investments (2,021) NET INCOME/(EXPENDITURE) 448,518 Transfers between funds 24 1,704 Net movement in funds 450,222 RECONCILIATION OF FUNDS Total funds brought forward 434,832 TOTAL FUNDS CARRIED FORWARD 885,054 |
Restricted funds £ - 8,420 - - - 8,420 - 21,716 21,716 - (13,296) (1,704) (15,000) 15,000 - |
2021 Total funds £ 536,493 11,050 1,779 6,266 150 555,738 1,798 116,697 118,495 (2,021) 435,222 - 435,222 449,832 885,054 |
2020 Total funds £ 16,661 60,143 7,237 10,147 360 94,548 4,132 116,688 |
|---|---|---|---|
| 120,820 (726) |
|||
| (26,998) - |
|||
| (26,998) 476,830 |
|||
| 449,832 |
The notes form part of these financial statements
Page 6
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
BALANCE SHEET 31 MARCH 2021
| Unrestricted funds Notes £ FIXED ASSETS Intangible assets 15 2,611 Tangible assets 16 8,191 Heritage assets 17 15,853 Investments 18 28,346 55,001 CURRENT ASSETS Stocks 19 7,630 Debtors 20 274,679 Cash at bank and in hand 562,284 844,593 CREDITORS Amounts falling due within one year 21 (14,540) NET CURRENT ASSETS 830,053 TOTAL ASSETS LESS CURRENT LIABILITIES 885,054 CREDITORS Amounts falling due after more than one year 22 - NET ASSETS 885,054 FUNDS 24 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ - - - - - - - - - - - - - - |
2021 Total funds £ 2,611 8,191 15,853 28,346 55,001 7,630 274,679 562,284 844,593 (14,540) 830,053 885,054 - 885,054 885,054 - 885,054 |
2020 Total funds £ 3,323 10,881 12,885 30,494 57,583 9,005 282,489 496,415 787,909 (3,660) 784,249 841,832 (392,000) 449,832 434,832 15,000 449,832 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
BALANCE SHEET - continued 31 MARCH 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 9th November 2021 and were signed on its behalf by:
Mr P F Kinsman TD FCCA - Treasurer
The notes form part of these financial statements
Page 8
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Cash flows from investing activities Purchase of intangible fixed assets Purchase of tangible fixed assets Purchase of heritage assets Purchase of fixed asset investments Sale of fixed asset investments Interest received Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2021 £ 63,757 63,757 - (648) (2,968) - 126 5,602 2,112 65,869 49 6,415 562,284 |
2020 £ (27,958) (27,958) (3,560) (1,323) (7,200) (25,372) 641 9,261 (27,553) (55,511) 551,926 |
||
|---|---|---|---|---|
| 496,415 |
The notes form part of these financial statements
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THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
ACTIVITIES |
||
|---|---|---|
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Losses on investments Interest received Decrease in stocks Decrease in debtors (Decrease)/increase in creditors Net cash provided by/(used in) operations 2. ANALYSIS OF CHANGES IN NET FUNDS |
2021 £ 435,222 4,050 2,021 (5,602) 1,375 7,810 (381,119) 63,757 |
2020 £ (26,998) 3,508 726 (9,261) 1,372 750 1,945 (27,958) |
| ANALYSIS OF CHANGES IN NET FUNDS | |||
|---|---|---|---|
| At 1/4/20 | Cash flow | At 31/3/21 | |
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 496,415 | 65,869 | 562,284 |
| 496,415 | 65,869 | 562,284 | |
| Debt | |||
| Debts falling due after 1 year | (392,000) | 392,000 | - |
| (392,000) | 392,000 | - | |
| Total | 104,415 | 457,869 | 562,284 |
The notes form part of these financial statements
Page 10
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. STATUTORY INFORMATION
The Royal Welsh Regimental Museum Trust is a company limited by guarantee incorporated in Wales within the United Kingdom. The registered office is The Watton, Brecon, Powys, LD3 7EB.
The financial statements are presented in Sterling (£), the company's functional currency, and rounded to the nearest pound.
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.
2. 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 Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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 fair value.
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.
Expenditure
Liabilities are 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.
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THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES - continued
Expenditure
Expenditure on raising funds include costs of fundraising, events and shop expenditure.
Expenditure on charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It 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.
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:
Fixtures and fittings - Over 10 years Computer Equipment - Over 10 years
Heritage assets
Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation if known. Assets are subsequently stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Fair values for donated assets are estimated by reference to market prices.
Those heritage assets currently recognised on the balance sheet have indefinite lives and are therefore not depreciated but reviewed at each reporting date for impairment.
Where information on the cost or valuation of heritage assets is not available or the cost of providing such information significantly outweighs any benefit to the users of the accounts then heritage assets are not recognised on the balance sheet.
The Museum maintains a register for its collections of heritage assets which records the nature, provenance and current location of each asset.
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
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES - continued
Fund accounting
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.
Termination payments
The charitable company recognises termination benefits as a liability and an expense only when the entity is demonstrably committed either to terminate the employment of an employee or group of employees before the normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.
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 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.
3. DONATIONS AND LEGACIES
| Donations Bequests Grants |
2021 £ 398,133 360 138,000 536,493 |
2020 £ 16,651 10 - |
|
|---|---|---|---|
| 16,661 |
Included within donations above is an amount of £392,000 being a loan from The Royal Regiment of Wales (24th/41st) (Expendable) Common Investment Fund that was waived in June 2020.
Grants received, included in the above, are as follows:
| 2021 £ Powys County Council - Covid-19 Business Support grant 45,000 Welsh Government - Wales Cultural Recovery Fund 83,000 Welsh Government - Resilience grant (see note below) 10,000 138,000 |
2020 £ - - - |
|---|---|
| - |
The Welsh Government Resilience grant was funded by Welsh Government through the Museums, Archives and Libraries Division, and the Federation of Museums and Art Galleries of Wales.
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THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 4. OTHER TRADING ACTIVITIES Shop sales Recharge of postage, photocopying and medal ribbon etc. 5. INVESTMENT INCOME Investment income Deposit account interest Interest receivable - loan 6. INCOME FROM CHARITABLE ACTIVITIES Museum operation - admission receipts Grants Grants received, included in the above, are as follows: Army Museums Ogilby Trust AIM The Friends of The Royal Welsh Regimental Museum Art Fund V&A Museum Federation of Museums and Art Galleries of Wales The National Manuscripts Conservation Trust Waterloo 200 Ltd - The Maker Revolution Project |
2021 £ 1,699 80 1,779 2021 £ 664 1,002 4,600 6,266 2021 £ 2,630 8,420 11,050 2021 £ - 135 1,704 - - 700 4,681 1,200 8,420 |
2020 £ 7,143 94 7,237 2020 £ 886 4,606 4,655 10,147 |
|---|---|---|
| 2020 £ 35,524 24,619 60,143 2020 £ 5,028 165 6,699 8,798 3,272 657 - - |
||
| 24,619 |
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THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
7. RAISING FUNDS
| Raising donations and legacies Shop expenditure Museum event expenses Investment management costs Investment management fees Aggregate amounts 8. CHARITABLE ACTIVITIES COSTS Direct Costs (see note 9) £ Education of the public in history and military accomplishments 86,605 9. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Staff costs – Deputy Curator Motor and travel expenses Recruitment and training Insurance Education Collection management Postage and stationery Advertising Sundries Website and internet Repairs and renewals Subscriptions Bank and credit card charges Computer expenses Display improvements Telephone Fixed asset depreciation / Amortisation charges Subscriptions |
2021 £ 1,613 59 1,672 2021 £ 126 1,798 Support costs (see note 10) £ 30,092 2021 £ 63,063 - - 3,509 486 10,946 188 - 722 1,205 15 - 1,191 795 - 70 4,050 365 86,605 |
2020 £ 3,292 598 3,890 2020 £ 242 4,132 Totals £ 116,697 |
|
|---|---|---|---|
| 2020 £ 56,568 15,930 1,405 288 6,871 406 4,925 839 1,318 3,333 1,752 626 52 879 493 2,305 - 3,508 394 101,892 |
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
10. SUPPORT COSTS
| SUPPORT COSTS | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Education of the public in history and military | |
| accomplishments | 30,092 |
11. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Net income/(expenditure) is stated after charging/(crediting): | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Depreciation - owned assets | 3,338 | 3,271 |
| Website development costs amortisation | 712 | 237 |
| Independent examiners fees | 2,300 | 2,500 |
12. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 or for the year ended 31 March 2020.
Trustees' expenses
During the year ended 31 March 2021 no trustees were reimbursed for expenses (2020: £195 to 1 trustee in respect of travel costs).
13. STAFF COSTS
| Salaries Social security Pension contributions Number of employees Equivalent full-time employees |
2021 £ 61,966 499 598 63,063 5 3 |
2020 £ 70,856 1,812 205 72,873 |
|---|---|---|
| 6 4 |
No employee received emoluments in excess of £60,000.
The total key management personnel remuneration benefits paid during the year was £55,124 (2020: £46,599).
There were no termination payments in the year ended 31 March 2021 (2020: £375).
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES – YEAR ENDED 31 MARCH 2020
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 16,661 Charitable activities Education of the public in history and military accomplishments 35,524 Other trading activities 7,237 Investment income 10,147 Other income 360 Total 69,929 EXPENDITURE ON Raising funds 4,132 Charitable activities Education of the public in history and military accomplishments 98,941 Total 103,073 Net gains/(losses) on investments (726) NET INCOME/(EXPENDITURE) (33,870) Transfers between funds 6,872 Net movement in funds (26,998) RECONCILIATION OF FUNDS Total funds brought forward As previously reported 446,530 Prior year adjustment 15,300 As restated 461,830 TOTAL FUNDS CARRIED FORWARD 434,832 |
Restricted funds £ - 24,619 - - - 24,619 - 17,747 17,747 - 6,872 (6,872) - 15,000 - 15,000 15,000 |
Total funds £ 16,661 60,143 7,237 10,147 360 |
|---|---|---|
| 94,548 4,132 116,688 |
||
| 120,820 (726) |
||
| (26,998) - |
||
| (26,998) 461,530 15,300 |
||
| 476,830 | ||
| 449,832 |
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THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
15. INTANGIBLE FIXED ASSETS
| COST At 1 April 2020 and 31 March 2021 AMORTISATION At 1 April 2020 Charge for year At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 16. TANGIBLE FIXED ASSETS COST At 1 April 2020 Additions At 31 March 2021 DEPRECIATION At 1 April 2020 Charge for year At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 17. HERITAGE ASSETS MARKET VALUE At 1 April 2020 Additions At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
Website development costs £ 3,560 237 712 949 2,611 3,323 Fixtures and Computer fittings equipment Totals £ £ £ 31,889 1,323 33,212 - 648 648 31,889 1,971 33,860 22,249 82 22,331 3,189 149 3,338 25,438 231 25,669 6,451 1,740 8,191 9,640 1,241 10,881 Total £ 12,885 2,968 15,853 15,853 12,885 |
Website development costs £ 3,560 237 712 949 2,611 3,323 Fixtures and Computer fittings equipment Totals £ £ £ 31,889 1,323 33,212 - 648 648 31,889 1,971 33,860 22,249 82 22,331 3,189 149 3,338 25,438 231 25,669 6,451 1,740 8,191 9,640 1,241 10,881 Total £ 12,885 2,968 15,853 15,853 12,885 |
|---|---|---|
The Museum has a collection of military artefacts covering the last 300 years which are held in support of the Museum’s primary objective of increasing knowledge, understanding and appreciation of the regiment.
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
17. HERITAGE ASSETS - continued
The trustees do not consider that reliable cost or valuation information can be obtained for the vast majority of items held in the collection of artefacts. This is because of the diverse nature of the assets held, the number of assets held and the lack of comparable market values. The Museum does not therefore recognise these assets on its Balance Sheet, other than recent acquisitions which are reported at cost, where the object is purchased, or at the Museum curator’s best estimate of current value where the object is donated.
Expenditure which, in the trustees’ view, is required to preserve or clearly prevent further deterioration of individual collection items is recognised in the SOFA when it is incurred.
The main heritage assets recognised in the Balance Sheet include:
-
A letter written by Walter Dunne following the defence of Rorke's Drift. This was acquired at auction on 15th November 2014. The total cost after grants towards the purchase was £4,755.
-
A portrait of an officer of the 24th Regiment of Foot by Sir George Chalmers, 1754. The portrait was purchased for £7,200 on 20 June 2019.
-
A portrait of a young officer of the 41st (The Welsh) Regiment on foot was purchased for £1,704 in March 2021.
The Museum maintains a register for its collections of heritage assets which records the nature, provenance and current location of each asset.
18. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 April 2020 | 30,494 |
| Disposals | (126) |
| Revaluations | (2,022) |
| At 31 March 2021 | 28,346 |
| NET BOOK VALUE | |
| At 31 March 2021 | 28,346 |
| At 31 March 2020 | 30,494 |
There were no investment assets outside the UK.
Analysis of investments between funds:
| Listed investments UK cash held as part of portfolio |
2021 £ 28,346 - 28,346 |
2020 £ 30,527 (33) 30,494 |
|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 19. STOCKS Stocks 20. DEBTORS Amounts falling due within one year: Trade debtors Other debtors Other loans Prepayments and accrued income Amounts falling due after more than one year: Other loans Aggregate amounts 21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors Accruals and deferred income 22. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other loans (see note 23) 23. LOANS An analysis of the maturity of loans is given below: Amounts falling due between two and five years: Other loans - 2-5 years |
2021 £ 7,630 2021 £ 3,985 520 3,565 4,014 12,084 262,595 274,679 2021 £ 11,752 - 2,788 14,540 2021 £ - 2021 £ - |
2020 £ 9,005 |
|
|---|---|---|---|
| 2020 £ 4,562 535 3,400 1,332 |
|||
| 9,829 | |||
| 272,660 | |||
| 282,489 2020 £ 1,054 106 2,500 3,660 2020 £ 392,000 |
|||
| 2020 £ 392,000 |
The loan of £392,000 from The Royal Regiment of Wales (24th/41st) (Expendable) Common Investment Fund was waived by The Royal Regiment of Wales (24th/41st) (Expendable) Common Investment Fund in June 2020. See note 3 Donation income.
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THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
24. MOVEMENT IN FUNDS
| At 1/4/20 £ Unrestricted funds General fund 434,832 Designated fund – Future Museum move or - renovation Designated fund – fixed asset fund - Designated fund – loan to sister Museum - Designated fund – Policy operating reserve - Designated fund – COVID Support - Restricted funds Museum development fund 15,000 Collection acquisitions - 15,000 TOTAL FUNDS 449,832 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 547,318 Restricted funds Museum development fund - Museum operations 135 Collection acquisitions 1,704 The Conservation of the 41st Regiment's early archive 4,681 Maker Revolution Project 1,200 Welsh Museum’s Festival - Victorian life and soldiers 70 0 8,420 TOTAL FUNDS ~~555,738~~ Comparatives for movement in funds Prior year At 1/4/19 adjustment £ £ Unrestricted funds General fund 430,678 15,300 Artefacts Fund - Regimental Museum of the Royal Welsh 15,852 - 446,530 15,300 Restricted funds Museum development fund 15,000 - Collections - - 15,000 - TOTAL FUNDS 461,530 15,300 |
Net movement in funds £ 448,518 - - - - - (15,000) 1,704 (13,296) 435,222 Resources expended £ (96,779) (15,000) (135) - (4,681) (1,200) (700) (21,716) ~~(118,495~~) Net movement in funds £ (33,870) - (33,870) - 6,872 6,872 (26,998) |
Transfers between At funds 31/3/21 £ £ (856,111) 27,239 500,000 500,000 26,655 26,655 266,160 266,160 40,000 40,000 25,000 25,000 - - (1,704) - (1,704) - - 885,054 Gains and Movement losses in funds £ £ (2,021) 448,518 - (15,000) - - - 1,704 - - - - - - - (13,296) ~~(2,021~~) ~~435,222~~ Transfers between At funds 31/3/20 £ £ 22,724 434,832 (15,852) - 6,872 434,832 - 15,000 (6,872) - (6,872) 15,000 ~~-~~ ~~449,832~~ |
|---|---|---|
Pago 21 Continuod...
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
24. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 69,929 Restricted funds Museum operations 8,586 Monmouthshire Regiment exhibition 3,963 Collections 6,872 Exhibition 5,198 24,619 TOTAL FUNDS 94,548 |
Resources Gains and Movement expended losses in funds £ £ £ (103,073) (726) (33,870) (8,586) - - (3,963) - - - - 6,872 (5,198) - - (17,747) - 6,872 (120,820) (726) (26,998) |
|---|---|
Designated fund – Future Museum move or renovation
Funds of £500,000 have been set aside by the Board towards a future Museum move or renovation.
Designated fund – Fixed asset fund
Funds of £26,655 have been set aside to match the net book value of intangible assets, tangible fixed assets and Heritage assets.
Designated fund – loan to sister Museum
Funds of £266,160 have been set aside to match a loan balance due to the charity from a sister Museum, Firing Line Limited.
Designated fund – Policy operating reserve
Funds have been specifically set aside to cover two years of operating costs of the Museum as a policy reserve.
Designated fund – COVID support
During the year the charity was successful in receipt of COVID support grants as outlined within Note 3. Funds of £25,000 unspent at the year end have been set aside for best use by the Board.
Museum development fund
Related to a bequest from the late Major B Waters specifically for the redevelopment of the Brecon Museum This funding was spent in full during the financial year.
Collection acquisitions
During the year grant funding of £1,704 was received from The Friends of The Royal Welsh Regimental Museum as a contribution to the acquired portrait of a young officer.
The Conservation of the 41st Regiment's early archive
Funded by The National Manuscripts Conversation Trust towards the project 'The conservation of the 41st Regiments early archive. The project was completed in December 2020.
Maker Revolution Project
Funded by Waterloo 200 Ltd, this is an educational legacy project. The museum has invited by the project to take part and was the only Welsh museum to be involved. Working alongside Christ College.
Welsh Museum’s festival
Funding of £700 was received from the Federation of Museums and Art Galleries of Wales - Welsh Museum festival. The project title was 'Victorian life and soldiers' and funding was for supplies to run a Victorian workshop as part of the Welsh Museum festival.
Museum operations
Funding of £135 was received from AIM towards for a member of the team to attend a firearms course with the National Army Museum.
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
24. MOVEMENT IN FUNDS - continued
Prior year funds
Funding was received from the Army Museums Ogibly Trust to run an exhibition on the Monmouthshire Regiment.
Grant funding was received from the Art Fund and the V&A Museum to purchase a portrait of an officer of the 24th Regiment of Foot by Sir George Chalmers, 1754.
Funding was received from Art Fund to finance an exhibition at the Museum.
Transfers between funds
A transfer of £1,704 has been made from the Collections fund to the general fund to reflect amounts spent on Heritage asset additions during the financial year.
Transfers totalling £857,815 have been made from the general fund to a number of new designated funds as approved by the Board.
25. EMPLOYEE BENEFIT OBLIGATIONS
The charity operates a defined contribution scheme. The pension costs charge for the year represents contributions payable by the charity to the scheme and amounted to £598 (2020 - £205). At the year end there were no outstanding contributions (2020 - £106).
26. RELATED PARTY DISCLOSURES
During the year the charity entered into transactions with the following related parties:
| Name of related party Relationship Firing Line Limited Trustees in common The Friends of the Royal Welsh Regimental Museum Trustees in common Name of related party Transaction 2021 Firing Line Limited Bookkeeping and payroll costs £ 3,200 Loan interest receivable 4,600 The Friends of the Royal Welsh Regimental Grants received 1,704 Museum Name of related party Nature of balance 2021 £ Firing Line Limited Loan debtor 266,160 |
2020 £ 4,800 4,655 6,699 2020 £ 276,060 |
|---|---|
During the year unconditional donations of £40 were received from trustees (2020: £Nil).
At the 31 March 2021 an amount of £1,000 was owed to a Trustee, Col (retd) T J Van-Rees MBE ED DL in respect of insurance costs paid on behalf of the charity.
27.
FINANCIAL INSTRUMENTS
| Financial assets Financial assets measured at fair value |
2021 £ 28,346 |
2020 £ 30,494 |
|---|---|---|
Financial assets measured at fair value comprise of fixed asset investments.
28. CONTINGENT ASSETS
The Regimental Museum was bequeathed a property in 2002. However, the property is the subject of a life tenancy agreement held by a third party and as such will not be recognised in the financial statements until the conditions for recognition have been met.
The trustees estimate the open market value of this property to be approximately £420,000.
Page 23
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Bequests Grants Other trading activities Shop sales Recharge of postage, photocopying and medal ribbon etc. Investment income Investment income Deposit account interest Interest receivable - loan Charitable activities Museum operation - admission receipts Grants Other income Sundry income Total incoming resources EXPENDITURE Raising donations and legacies Shop expenditure Museum event expenses Investment management costs Investment management fees Charitable activities Wages Social security Pensions Motor and travel expenses Recruitment and training Insurance Education Collection management Carried forward |
2021 £ 398,133 360 138,000 536,493 1,699 8 0 1,779 664 1,002 4,600 6,266 2,630 8,420 11,050 150 555,738 1,613 59 1,672 126 61,966 499 598 - - 3,509 486 10,946 78,004 |
2020 £ 16,651 10 - 16,661 7,143 94 7,237 886 4,606 4,655 10,147 35,524 24,619 60,143 360 94,548 |
2020 £ 16,651 10 - 16,661 7,143 94 7,237 886 4,606 4,655 10,147 35,524 24,619 60,143 360 94,548 |
|---|---|---|---|
| 24,619 60,143 360 94,548 |
|||
| 3,292 598 3,890 242 55,785 578 205 1,405 288 6,871 406 4,925 70,463 |
This page does not form part of the statutory financial statements
Pagè 24
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Charitable activities Brought forward Postage and stationery Advertising Sundries Website and internet Repairs and renewals Subscriptions Bank and credit card charges Computer expenses Display improvements Telephone Deputy Curator Website development costs amortisation Fixtures and fittings Computer equipment Subscriptions Support costs Governance costs Independent examiners remuneration Legal and professional fees Total resources expended Net income/(expenditure) before gains and losses Net gain/(losses) on investments Net income/(expenditure) |
2021 £ 78,004 188 - 722 1,205 15 - 1,191 795 - 70 - 712 3,189 149 365 86,605 2,400 27,692 30,092 118,495 437,243 (2,021) 435,222 |
2020 £ 70,463 839 1,318 3,333 1,752 626 52 879 493 2,305 - 15,930 237 3,189 82 394 101,892 2,500 12,296 14,796 120,820 (26,272) (726 ) (26,998) |
|---|---|---|
This page does not form part of the statutory financial statements
Pagè 25