REGISTERED COMPANY NUMBER: 07769242 (England and Wales) REGISTERED CHARITY NUMBER: 1145031 TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR THE ROYAL WELSH REGIMENTAL MUSEUM TRUST MHA (trading name ofmaclntyre Hudson LLPI Limited liability partnership in England & Wales Registered number OC312313 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 2024 Page Trustses, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 19
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who a also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial ststements of the charity for the year ended 31 March 2024. 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 Reporttng Standard applicable in the UK and Republic of Ire18nd {FRS 102) (effective 1 January 2019). OBJECTWES AND ACTIVITIES Objectives and alms Objects To educate and enhance the appreciation of the public in the history and military accomplishments of the Regiment. in particular by the maintenan¢e of military museums and archlves and preseNation and exhibition to the public of the collection. To manage the Chattels and make them available to the Regiment for regimental purposes in order to promote military efficiency. To promote military efficiency and encourage recruitment. AS 8 sUIt of a governance review undertaken during 2018. the Trustees decided to adopt the following vision and mission statements and accompanying values. Vlslon To deliver an inspiring and entertaining experience to a 21 st Century audience that increases their understanding of one of the finest Regiments in the British Army. Mlsslon To tell the stories of the Royal Welsh and its antecedent Regiments, induding Ihat of the 1879 Anglo-zulu War. in order to inspire and educate. foster corporate memory and help lo sustain the connection between the Amiy and society to support the avoidance of future warfare. Values As a Museum we". Are a vibrant. relevant. innovative and authoritalive organisation which is viable. self-sustaining and resilient. Deliver a memorable and thought-provoking experience as we both inform and edu¢ate. Are the pre-eminent Anglo-zulu museum. Represent the hislory of the Royal Welsh and its contribution to Welsh history. Champion strong relations with KwaZulu-Nalal for the good of humanity- Public benefit The organisation's trustees can confimi that they have complied with the duty in Section 17 ot the Chatities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Significant activities Ihat were undertaken during the year that demonstrate public benefit are set out on the following pages. ACHIEVEMENT AND PERFORMANCE Charitable aetivities This year continued to build on engaging with our visitors. Some ot the a¢tiVFties include: A return of the Elf on a Shelf social media in December Introduction to 'Curator Coffee Mornings, which took place on the first Wednesday of the month (Sept-May}- This event is an informal show and tell event which sees the Curator bring out items from the stored collection and tell Iheir story typically with a theme le.g. regimental goats, prisoners of war, remembrance). We have continued runnlng family friendly activities including the annual running of 'Night at the Musoum.. The water damage resulted in us opening later in the financial year on May 23rd. As part of our re-opening strategy we offered free entry for the duration of the summer season as an intemal review opportunity. The rational for this were to al see visitor response to the reduced display in the flood area., b} did our visitor numbers improve-, c) is free entry viable with encouragement of donation. While visitor numbers did improve from the previous years. it was not viable financially to continue this way. However, we did introduce annual ticket offers based on survey responses durtng this trial period. Page 1
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Financial posltlon Income for the year was £139.207 (2023: £481,164). Of this, £11,512 related to restricted activities. Nel income for the year as shown in the SOFA was £59,006 (2023.. £398,639). The increase in income and net income in the comparative year was allributable to a property lch was bequeathed to the charity in 2002. The property was subject to the life interest of the spouse of the dorFor and was not recognised in the financial ststements of the charity until the death of the spouse. which occuffed in the 2023 financial year. The value of the bequeathed property was recognised in the 2023 financial statements at a value of £390,000. By an Agreement dated 27 June 2020. it was agreed that on the sale of the property the remaining loan balan and any payments of capital and interest due from Firing Line Limited. will be transferred or assigned to the Royal We15h Regimental and Welfare Benevolence Foundation. The amount of the loan at the 31 Marth 2024 was £260,235. Reserves policy Al 31 March 2024 total reserves were £1,367.205 (2023: £1.308.1991. ol these none related to restrl¢ted resetves. Free reserves at 31 March 2024 equates to £586,779. This is calculated as the total reserves, less restricted and designated reseNes, 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. ReslrFCted income is listed separately in the accounts a¢cording to SORP FRS 102. Flnancial and risk management objectives and policies As part of standard management practi, the Museum has identified a number of risks that could adversety impact its operation. These cover financial. govemance, operational and collection related matters. Each ot these risks has been quantified and appropriate control measures introduced lo provide suitable mitigation. The risk register is monitored Tegularfy by the Curatorial team, and any concems reported to the next meeting of Ihe Museum's Trustees. FUTURE PLANS Near Term We continue to work to maximise our outputs, both in tems of improved financial stability and storytelling 'reach'. We will continue to optimise our on-line presence and work to present a wider range ot innovalive activities at the museum such as 'A night at the Museum. and 'Goat Days.. In parallel. we are producing detailed short-term plans to refine current museum layout and design. The latter work will be aimed to maximise the visitor experien but will be designed to complement a more comprehensive refurbishment which will constitute the long temi plan. More Covoperalion with our regimental sister Museums is also beginning and will pick up pace as we move towards the longer-term period. Long TÈM) The longer-term plan remains lo acquire a long lease from the MOD on the cutTent building thus enabling a comprehensive refurbishment programme to be conducted. This will also require a significant fund-raising efftjrt. STRUCTURE. GOVERNANCE AND MANAGEMENT Goveming 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. Page 2
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitrnent and appolntrnent of new trustees During the 2018 govemance 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 resLtlied In several new appoinknents to the Tnjstee Board, to fill experience gaps. After due diligence enqulries into the suitability of candidates new trustees are invited to apply lo join th6 board, and if appointed. are co-opted to the TTuslee Board by the Directors. their appointrnent being then subject to confimiation by the Dlrectors and Members in General Meeting. New Trustees are provided with copies of the Company / Charity goveming documents by the Company Secretary and are given the opportunily given lo raise any queries and are encouraged lo ask for any infomiation. advice and clarification they feel would be helpfvl. All Trustees are required to complete and sign a Declaralion of Interests fonyj each year, and the matter of conflict of inlerests is a standard agenda item at every Board Meeting. Renewal of trustees During the year there were no resignations or new appointments. Arrangements For Setting Pay and RÈrnuneration Rates of pay for newly recruited staff are detemiined through anatysis of the labour market for museum staff and affordabilily. 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 o* the financial year. Individual staff members can be awarded modest increases by the Trustee Board in recognition of outstanding perfomiance or other eXptIonal 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 5iXteen trustee directors. The Charity's Objects are set out in ils "Articles of Association" adopted in 2011, which clearty explains how the Charity should operate and set out the duties. powers, and responsibilities of the trustee directors. The trustees recèive no remuneration for their work. The Trustees delegate the daily operation of the Museum lo the Museum Operations Committee, working closely with the curator. vhio in turn manages the Museum's staff and volunteers. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 07769242 (England and Wales) Registered Charity numbor 1145031 Registered office The Royal Welsh Regimental Museum The Barracks The Watton Brecon Powys LD3 7EB Pa9e 3
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Trustees Brig {Rtd) R N Wardle OBE DL Col Iretdl T J Van-Ree5 MBE ED DL Maj (reld) P F Kinsman TD FCCA Mrs D E Cresswell Mr R C May-Hill FCA Mr D M Warn LLB Mr N J Mansfield Mr N R Richardson Col S D Walker Ms R Harris Chair Vice Chair Treasurer Senior management team Ms A Rosewarne - Curator Company Secretary Mr D M Warren LLB Independent Examlner MHA (trading name of Maclntyre Hudson LLP) Limited liability partnership in England & Wales Registered number OC312313 Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS Bankers The Royal Bank of Scotland plc Holvs Branch Lawrie House Victoria Road Famborough Hampshire GU14 7NR Investment Advisers Evelyn Partners 45 Gresham Street London EC2V 7BG Approved by order of the Board of Trustees on 14 November 2024 and signed on its behalf by= Maj jreldj P F Kinsman TD FCCA- Treasurer Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROYAL WELSH REGIMENTAL MUSEUM TRUST Independent examinerfs report to the trustees of The Royal Welsh Regimental Museurn Trust {'the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basls of report As the charivs trustees of the Company {and also its directors for the purposes of company lawl 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 Acl 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 1.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 examlnees statement I have completed my examinalion. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe- a¢counting records were not kept in respect of the Company as required by Section 386 of the 2006 Act.. or the accounts do ngt accord with those records,. or 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 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended pra1 for accounting and reporting by charities (applicable to tharilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)). I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Julia Mortimer FCCA MHA (trading name of Maclntyre Hudson LLP) Limited liability partnership in England & Wales RegiSted number OC312313 Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF Counly of Cardiff CF23 8RS Page 5
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDrruRE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 55.228 55,228 407,238 Charitable activities Education of the public in history and mllitsry accomplishments 9,339 11,512 20,851 34,149 Other trading aclivilies Investment income Other income 9,765 14,969 9,765 14,969 38,394 10.827 8,183 20,767 Total 127.695 11.512 139,207 481.164 EXPENDITURE ON Raising funds 8,085 8,085 3,995 Charitable activities Education of the public in history and military accomplishments 100.213 11.512 111.725 85,321 Total 108.298 11,512 119,810 89.316 Nel gains on investments 39.609 39.609 6.791 NET INCOME 59.006 59.006 398.639 RECONCILIATION OF FUNDS Totsl funds brought forward 1,308,199 1,308.199 909,560 TOTAL FUNDS CARRIED FORWARD 1.367.205 1,367,205 1.308,199 The notes fomi part of these financial statements Page 6
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Reslricled funds Notes FIXED ASSETS Intangible assets Tangible assets Heritage assets Inveslments 15 16 17 18 1.400 384.488 15,853 471,827 1.400 384.488 15,853 471,827 2,000 393,096 15,853 434,122 873.568 873.568 845.071 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 19 20 11.935 263.310 223,415 11,935 263.310 223,415 14,493 266.523 185,195 498.660 498,660 466,211 CREDITORS Amounts falling due within one year 21 15.023) 15.023) {3.083) NET CURRENT ASSETS 493,637 493.637 463.128 TOTAL ASSETS LESS CURRENT LIABILITIES 1.367.205 1.367.205 1,308,199 NET ASSETS 1,367,205 1,367,205 1.308,199 FUNDS Unrestricled funds 22 1.367.205 1.308,199 TOTAL FUNDS 1,367.205 1,308,199 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the ye8r ended 31 March 2024. The membets have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for la) ensuring that the charitable company keeps accounting records that Comply with Section5 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as al the end of each financial year and of ils surplus or deficit for e8eh 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 lo the Charitable company. (b) These financial statements have been prepared In a¢¢ordance 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 14 November 2024 and were signed on ils behalf by- Maj jreld) P F Kinsman TD FCCA- Treasurer The notes forrn part of these financial statements Page 7
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 presenled in Sterfing {£). the company's funcllonal currency. and rounded to the nearest pound. The significant accounting policles applied in the preparation of these financial stslements are set out below. These policies have been consistently applied to all years presented unless otherwise slated. ACCOUNTING POLICIES Basls of prèparing 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 Chartties SORP {FRS 102) 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Finattcial 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 slalements have been prepared under the historical cost convention with the exception of investments which are in¢luded at fair value. Income All income is recognised in the Statement of Financial Activities once the charity has entiuemenl lo the funds. it is probable that the income will be received and the amount can be measured reliably. This includes capilal 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 entittemenl, probability of receipt and the amount can be measured WFth sufficienl reliability- Such income 15 only deferred when the donor specifies it must be used in future a¢counting periods or the donor has imposed conditions which musl be met before the charity has unconditional entitlement. Income from charitable activities Income from charitable activities includes income ceiVed under contract or where entiuement tr> grant funding is subject to specific performance conditions. This income is recognised as the related services are provided and there is entittemenL probability of receipt and the amount can be measured with sufficient reliability- Income is deferred when the amounts received are in advance of the perfomiance of the service or ev8nt to whi¢h they relate. Other trading actlvities in¢orne Income from other trading activities includes income receNed under contract. This income is re¢ognised as the related services are provided and there is entitEemenl, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the perfomiance of the Servi or event to whi¢h they relate. Investment in¢ome Investment income is recognised on a receivable basis. Donated goods Income received from donated goods is re¢ognlsed on the sale of the goods. It is not the pollcy of the charity to show income net of expenditure. Expenditure Liabilities are recognlsed as expenditure as soon as there is a legal or conslnjctive 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 lo the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use ol resources. Page 8 continued...
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Expendlture Expenditure on raising fvnds include costs of fundraising, events and shop expenditure. Expendlture on charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 11 includes both costs that can be allocated directly to such activities and those costs of an indirect natu necessary to support them. Support wsts are those costs that, whilst necessary lo delivor an activity, do not themselves produce or constitute the output of the charitable activity. This includes governance costs which are Ihose costs associated with rneeling the conslilutional and stalulory requirements of the charity and include the aceounlancy fees and costs linked to the strategic management of the ¢harity. Intangible assets Intangible assets are capilalised at cost. AmortlS8tion 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.. Websile developtnent costs - Over 5 yea Tangible fixed assets Fixed assets are capitalised at cost. Depreciation is calcLrlated so as to write off Ihe cost of an asset. less its estimated residual value, over the useful life of that assel as follows: Fixtures and fittings Computer equipment Freehold propety 100/0 straight line 10Vts straight line 2 /0 Straight line Heritage assets Heritage assets are recognised on the balance sheet and initsally measured at (x)st 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 dale for impairment. Where information on the cost or valuation of heritage assets is not available or the cost of providing such infonxation significantly outweighs any benefit lo 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 asseL Investments Investments are included at market value at the balance sheet date. Reali5ed and unrealised gains or losses on investrnents 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 allowanc¢ for obsolete and slow moving items. Taxation The charity Is exempt from corporation tax on its charitable activities. Page 9 continued...
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - continued Fund accountlng Unrestricted funds can be used in accordance with the charilable objectives at the discretion of the trustees. Restricted funds can only be used for particular rèstricted purposes wllhin the objects of the charity. Reslri¢tions arise when specified by the donor or when funds are raised for particular reslricled purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Penslon costs and other post-retirement beneflts 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 letmination benefits as a liability and an expensè only when the entity is demonstrably committed either to lem)inate the employment of an employee or group of employees before the norrnal retirement dale or to provide termination benefits as a result of an offer made in order lo encourage voluntary redundancy. Financial instruments The charity only has financial assets and financial liabilities of a kind thal qualify as basic financi81 instruments. Basic financial instruments are initially recognised at transaction value and stsbsequenuy measured at their settlement value. Concessionary loans are recognised and measured initially at Ihe transaction value, with the carrying amount adjusted in subsequent years lo 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 eSU 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. DONATIONS AND LEGACIES 2024 2023 Donations Bequests Donated goods 24,326 30.902 12,736 391,000 3,502 55,228 407.238 Donated goods of £3.502 in prior year relates to the donation of books from The Friends of The Royal Welsh Regimental Museum. Included within bequests above in the prior year was £390.000 relating to a property which was bequeathed to Ihe charity in 2002. the property was the subject of a life tenancy agreement held by a third paty the ¢onditions of which were met in the previous financial year. Page 10 conlinued...
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024 OTHER TRADING ACTIVITIES 2024 2023 Shop sales 9,765 10,827 INVESTMENT INCOME 2024 2023 Divldend income Deposit account interest Interest receivable Interest receivable- loan 5,651 4,200 853 4.265 1,529 1,539 740 4.375 14,969 8.183 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Museum operation - admission reIpts Grants 9,339 11,512 23.091 11.058 20.851 34.149 Grants received. included in the above, are as foifows: 2024 2023 Army Museums Ogilby Trust 11,512 11.058 RAISING FUNDS Ralsing donations and legacles 2024 2023 Shop expenditure Museum event expenses Bad debts 4.374 52 1,650 33 816 4,239 2.499 Page 11 continued...
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 RAISING FUNDS - ¢ontinued Investment management cosls 2024 2023 Investment management fees 3,846 1.496 Aggregate amounts 8.085 3.995 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 91 Support costs {5ee note 10) Totals Education of the public in history and military accomplishments 107.747 3.978 111.725 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs Motor and travel expenses Insurance Education Collection management Postage and ststionery Advertising Sundries Website and inlemet Repairs and renewals Bank and credit card charges Computer expenses Legal and professional fees Rates Depreciation Subscriptions 65.841 581 2.615 425 6.811 136 3.411 362 1.064 1,804 641 393 12.650 1,346 9,394 273 65.771 3.172 463 2.185 281 795 636 1.010 148 620 160 3,492 320 107,747 79.053 10. SUPPORT COSTS Governanc8 costs Education of the public In history and military accomplishments 3.978 Page 12 continued...
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS- continuod FOR THE YEAR ENDED 31 MARCH 2024 11. NET INCOMEI(EXPENDITURE) Net incomel(eXpendire) is stated after chargingl{creditingl'. 2024 2023 Depreciation - owned assets Website development costs amortisauon Independent examiners fees 8,794 600 2,892 600 1.940 12. TRUSTEES. REMUNERATION AND BEfrIEFITS There were no tnjstees, remuneration or other benefits for the year ended 31 March 2024 or for the year ended 31 Mar¢h 2023. Trustees. expenses Two trustees were reimbursed £558 for travel expenses incurred during the year ended 31 March 2024 {2023.' £803 to four tfuslees). 13. STAFF COSTS 2024 2023 Salaries Social security Pension contiibulions 65,162 65,117 679 654 65.841 65.771 Number of employees Equivalent full time employees No employee received emoluments in excess of £60,000. The total key management personnel remuneration benefits paid during the year was £32.296 {2023'. £31.451). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds 14. Restricted funds Total fijnds INCOME AND ENDOWMENTS FROM Donations and legacies 407,238 407,238 Charitable activities Education ol the publi¢ in history and military accomplishments 23.091 11.058 34.149 Other trading aclivlties Investment income Other income 10,827 8.183 20,767 10,827 8.183 20,767 Totsl 470.106 11,058 481,164 EXPENDITURE ON Raislng funds 3,995 3.995 Charitable actlvltles Education of the public in hislory and military accomplishments 74,263 11,058 85,321 Page 13 continued.,.
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 14. COMPARATIVES FOR THE STATEPIIENT OF FINANCIAL ACTIVITIES - continued Unrestricted funds Restricted funds Total funds Total 78,258 11.058 89,316 Net gains on investments 6,791 6.791 NET INCOME 398,639 398,639 RECONCILIATION OF FUNDS Total funds brought forward 909.560 909,560 TOTAL FUNDS CARRIED FORWARD 1,308.199 1.308.199 15. INTANGIBLE FIXED ASSETS Website development costs COST At 1 April 2023 and 31 March 2024 3.000 AMORTISATION At 1 April 2023 Charge for year 1.000 600 At 31 March 2024 1.600 NET BOOKVALUE At 31 March 2024 1.400 At 31 March 2023 2.000 16. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold propety Computer equipment Totals COST At 1 April 2023 Additions 390,000 31.889 186 3.169 425.058 186 At 31 March 2024 390.000 32.075 3,169 425,244 DEPRECIATION At 1 April 2023 Charge for year 650 7.800 30.551 677 761 317 31.962 At 31 March 2024 8.450 31,228 1.078 NET BOOK VALUE Al 31 March 2024 381.550 847 2.091 384.488 At 31 March 2023 389,350 1,338 2.408 393.096 Page 14 continued...
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 17. HERITAGE ASSETS Total MARKET VALUE At 1 April 2023 and 31 March 2024 15.853 NET BOOK VALUE At 31 March 2024 15.853 At 31 March 2023 15,853 The Museum has a collection of military artefacls covering the last 300 years which are held in support of the Museum's primary objective of increasing knowledge, understanding and appreciation of the regimenl. The trustees do not consider that reliable cost or valuation intormation Can be oblained for the vast majority of ilems 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 curatorfs best estimate of current value where the object is donated. Expenditure which. in the tnjstees. view, is required to preserve or cleady prevenl further deterioration of individual collection items is recognised in the SOFA when it is incurred. The main heritage assets recognised in the Balance Sheet in¢lude= A letter written by Waller Dunne following the defence of RoFke's DrifL This was acquired at auction on 15th November 2014. The lolal 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 portr8il 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 Listed investments MARKET VALUE At 1 April 2023 Addttrons Disposals Revaluations 434.122 128.965 {138.765) 47.505 At 31 March 2024 471.827 NET BOOK VALUE At 31 March 2024 471.827 At 31 March 2023 434,122 2024 2023 UK bonds and equities Overseas equitiès Other investments UK cash held as part of portfolio 168,341 248,511 49,712 5.263 100.639 239.961 87,609 5,913 471,827 434,122 The historical Cost of the investments held at 31 March 2024 was £420,405 (2023: £427,268). All investments are held to primarily provide a return for the charity. Page 15 Continued...
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 19. STOCKS 2024 2023 Stocks 11.935 14,493 20. DEBTORS 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Other loans Prepayments and accrued income 2,213 500 11.123 362 6,749 442 3,685 362 14,198 11.238 Amounts falling due after more than one year.. Other loans 249,112 255.285 Aggregate amounls 263.310 266.523 21. CREDITORS". AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Other Creditors Accruals and deferred income 2,143 267 2,613 456 127 2.500 5,023 3.083 22. MOVEMENT IN FUNDS Net movemènt in funds Transfers between funds At 3113124 At 114123 Unrestricted funds General fund Designated fund - Future museum move or renovation Designated fund - F¢xed assets fund Designated fijnd - Loan lo sister museum 527,630 56.335 2,814 586.779 500,000 21,599 258,970 500.000 20,191 260,235 11.594) 4.265 186 1,308,199 59.006 1,367,205 TOTAL FUNDS 1,308,199 59.006 1,367,205 Page 16 continued...
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 22. MOVEMENT IN FUNDS - ¢ontinued Net movement in fvnds, included in the above are as follows: Incoming resources Resources expended Gains and lossés Movement in fvnds Unrestricted funds General lund Designated fund - Fixed assets fund Designated fund - Loan to sister museum 123,430 (106,7041 {1,594) 39,609 56.335 (1.5941 4.265 4.265 127.695 {108,298) 39,609 59,006 Restricted funds Museum Staff Fund 11,512 (11,512) TOTAL FUNDS 139.207 119,810) 39.609 59.006 Comparatives for movement in funds Net movemenl in funds Transfers beeen funds At 3113123 At 114122 Unrgstricted funds General fund Designated fund - Future museum move or renovation Designated fund - Fixed assets fund Designated fund - Loan lo sister museum 122,524 397.106 8.000 527,630 500,000 24,441 262.595 500,000 21,599 258.970 (2.8421 4.375 909,560 398.639 1.308,199 TOTAL FUNDS 909,560 398,639 1.308.199 Comparabve net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in ftjnds Unrostrleted funds General lund Designated fund - Fixed assets fund Designated fund - Loan lo sister museum 465.731 {75,416) (2.842) 6.791 397.106 12,842) 4.375 4,375 470,106 (78,258) 6,791 398.639 Restrlcted fund$ Museum Staff Fund 11,058 (11.058) TOTAL FUNDS 481,164 89.316) 6,791 398,639 De$lgnated fund - Future Museum move or renovatlon Funds of £500,000 have been set aside by the Board towards a future Museum move or renovation. Deslgnated fund - Flxed asset fund Funds of £20,191 have been set aside lo match the net book value of intangible assets, tangible fixed assets and Heritage assets. The tangible fixed assets element of this fund is excluding the freehold propety. Page 17 continued...
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 22. MOVEMENT IN FUNDS - continued Designated fund - Loan to sister Museum Funds of £260,235 have been set aside to match a loan balance due to the charity from a sister Museum, Firing Line Limited. Museum Staff Fund Funding was received from the Army Museums Ogilby Trust, to cover the costs of hours worked by one member of staff in their capacity as a civil servant. Transfers between funds A transfer of £3,000 has been made from the designated loan lo sister museum fund to Ihe general fund, representing loan repaymenls in the year. A transfer of £186 has been made from the general fund to the designated fixed assets fund representing capital movements. Prior ear transfers A transfer of £8,000 has been made from Ihe designated loan to sister museum fund lo the general fund. representing loan repayments in the year. 23. 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 £679 {2023 £654). At the year end there were outstanding contributions of £132 {2023 - £12n. 24. CONTINGENT LIABILITIES By an agreement dated 27 June 2020. it was agreed that on the sale of the propety the remaining loan balance and any payments of capital and inlerest due from Firing Line Limited, will be transferred or assigned lo the Royal Welsh Regimental and Welfare Benevolence Foundation. The amount of the loan at the 31 March 2024 was £260,235. 25. RELATED PARTY DISCLOSURES During the year the charity enlered inlo transactions with the followrng related parties= Name of related party Firing Line Limited The Friends of the Royal Welsh Regimenlal MuseLFm Relationship Significant influen Trustees in common Name of related party Transaction 2024 2023 Firing Line Limited Loan interest receivable 4,265 4,375 The Friends of the Royal Welsh Regimental Museum Granl received 3,502 Name of related party Nature of balance 2024 2023 Firing Line Limited The Friends of the Royal Welsh Regimental Museum Loan debtor 260.235 258,970 Other creditor 135 At the 31 March 2024 an amount of £45 (2023.. £45) was owed by a Trustee, Dorcas Cresswell to the charity in respect of an overpayment in relation to a reimbursement of costs incurred for a trustee lunch. During the year the charity received unconditional donations of £976 from tsvo trustees {2023.' £40 from one trustee). Page 18 continued...
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 31 MARCH 2024 26. FINANCIAL INSTRUMENTS 2024 2023 Flnancial assets Financial assels measured at fair value through SOFA Financial assets that a debt instruments measured at amortised ¢ost 471,827 494.033 434,122 465.849 965.860 899.971 Financial liabillties Financial liabilities measured al amortised cost 5,023 2,803 Financial assets measured at fair value comprise of fixed asset investments. Financial assets measured at amortised cost comprise of cash, stock, trade debtOTS, Other debtors and other loans. Financial liabilities measured at amortised cost comprise of trade creditors. other creditors and accnjals. Page 19