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
eX￿ptIonal 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 War￿n 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 pra￿1￿ 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
RegiSte￿d 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 re￿Ipts
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(eXpendi￿re) 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
be￿een
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