REGIERED COMPANY NUMBER: 07769242 (England and Wales) REGIERED CHARITY NUMBER: 1145031 TRusfEL8' REPORT AND UNAUDITED FINANCIAL sfATEME]WTS FOR THE YEAR ENDED 31 MARCH 2025 FOR THE ROYAL WEiSH REGIMEKfAL MUSEUM TRU WJJarnes&Co Chartered A¢countants BislK)p House 10 Wheat Street Breton Powys LD3 7DG
THE ROYAL WEiSH REGIMEAL MUSEUM TRUST corE OF THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2025 Page TTUStees' Report Ito5 Ind¢pendent Examinerfs Report Statement of Financial Activitics Bal8n¢e Sheet Notes to the Financi Statements 9t020 Detailed Ststement of Financial Activities 21to22
THE ROYAL WEiSH REGIMENTAL MUSEUM TRUST TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who arc also directors of the charity for the purpose5 of the Companies Act 2006, present their report with The financial statements of the charity for the year ended 31 Mah 2025. 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 Rcpublic of Ireland {FRS 102) (effective l January 2019). oBJEIvEs AND AcrtVlTIES Objectlves and aims Obj¢¢ts To edu¢atc and enhance the aPPfe¢iatioTh of the public in the history and military a¢complishments of the Regiment. in particular by the maintenance of mililary museums and archives and preservation and exhibition to the public of the collection. To rnanage the Chattels and makc thcm available to the Regiment for regimentsl purp05cs in order to promote military efficiew. To promotc military efficien and encourage re¢ruilmcnL As a result ofa governance review undertaken during 2018. the Tnle¢S decided to adopt the followingvision and mission statements and accompanying values. Vlslon To deliver an inspiring and enteriaining experien¢e to a 21 * Thtury audience that irt¢re their understanding of one of thc finest Regiments in the British Arnly. Mlislon To ¢ell the slorics of the Royal Welsh and ils antecedent Regiments. including that of the 1879 Anglo-zulu War. in order to inspire and educate. foster corporale memory and h¢lp 5UStain the nneCtIon between the Arniy and society to support ihc avoidance of future warfare. Vglmes As a museum we . Are a vibrant, relevan( Innovati ind authoritative or8anis•tion which is viable. self-sustaining SlI1ent. Deliver a memorable and thou8ht*rovokin8 experience as we both inforni and ¢duule. Are the pr¢-emin¢nt Anglo•Zulu museum. Represent the history of the Royal Welsh and its contribution to Welsh history. Champion strong relations Wbth KwaZulu-Natsl for the 8ts)d of humanity. Publlt beneflt The organisation's trustees can confirni that they have complied with the duty in Sli0n 17 of the Charities Act 201110 Have due regard io public benefit guidance published by the Charity Commission. Significanl activities that we undertaken during thc year th demonstrate public ben¢fit set out on the following pages. ACHIEVEMENT AND PERFORMANCE Charltable Aetlvlties This y&qr Continued to build on engaging with our visitt>rs. Some of the activitics include: Social mcdia presen¢e Continues with two special onc-rnonth activities includin8 November focus on 'Remembrance' by sharing individuals KIA and thcn the return of the Elf on a Shelf in December. Second year Tunning our 'Curalor Coff¢¢ Mornings, which takes pla¢e on the first Wednesday of the month (Sept- May). This evenl is an infornial show and tcll event which sees th¢ Curntor bring out items fiom the stored collection and tell their story typically with a theme (e.g regimental music. World War Ilvo's fmal month& rcmcmbrance). W¢ have continued Tunnin8 family friendly activities including the annual running of 'Night at the Museum, for children in our October Half Terni break. Also introduced a poppy making activity in the museum forvisitors to s¢w poppies for use in our Remembrance exhibilion. We continue to offer annual tickets which arc popular among our Coffee Morning visitorJ as well as the use of family tickets. Page I
DocL¢lgn Envelope ID: 67E3235&E681437C4DAA£848AD286D59 THE ROYALWELSH REGIMENTAL MUSEUM TRU TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Ftnantlal position Inme for the year was £90,133 (2023: £139,207). Of this, £9,409 related lo restricted activities. Net incomel(105s) for the year &s shown in the SOFA was £(17,697) (2024: £59.006). The dKr¢as¢ in income of £49,074 in the comparativc y&qr was mainly attributable to a bequest of £30.902 in 2024, drop in investment income in 2025 of £3,538 and drop in donations of £5.164. The decrease in net income of £76,703 in the current year was mainly attributable drop in incom¢ plus a drop in net gains on investments of £22.823. Reserves Pollcy At 31 Mah 2025 total reserves were £1.349.508 (2024: £1.367.205), of these £2,694 related to reslricted reserrfes. Free reserves at 31 March 2025 equat¢s to £573.377. This is calculated as the total reserves. less restri¢led and designated reserve5, Icss amount5 invested in fixed assets. Reserves are held for various reason5 including adding material to the collection. covering deficits on operating income, substantial repairs, special projects, and also to allow for match funding against 8rant applications. Restricted income 1$ listed separntely in the accounts according io SORP FRS 102. Flnanelal and rlsk management objeetlves And poll¢l As part of standard management prnclice, the Museum has identified a number of risks that could adversely impa¢t its operation. These ¢over financial, govcrnance, operational and colleclion related matters. Each of these risks has been quantified and appropriate control measures intmduced lo 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 NearTerni We continue to work to maximige our outputs. both in terms of improved financial stability and storytclling'reAeh'. We will continue to QPtimi5c our on-line presence and work to present a wider range of innovative activities at the museum such as 'A night al the Museum, and 'Goat Day$,. In parallel, we are produ¢in8 detailed short.terni plans to refine current museum layout and desi8n. The latter work will be aimed to maximise the visitor experience but will be designed to complement a more comprehensive refurbishment which will constitute the long terni plan. More ¢o-operntion wilh our regimcntsl sister Museums is also be8innin8 and will pick up pa¢¢ as we move towards the longer-tenn period. id)ng Tem The longer-terni plan remains to xquire a long leasc from the MOD on the CUTrenl building thus enabling a comprehensive refurbishmcnt progrnmme to be conducled. This will also require a signifi¢ani fund-raising effort. Page 2
Doatslgn Envelope ID.. s7E3235&E681437C4OAEA8AD2860sg THE ROYALWELSH REGIMENTAL MUSEUM TRUST TRUSTEEIS REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appolntment of new trustees During the 2018 government review. a skills audit was conducted on the Trustees and a number of pertinent gap5 identified. The review of skills and experience on the Trnstee Board is now a regular item for consideration by the Trustee Board and identifying suitable candidate5 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 boariL and if appointed. are copd lo the Trustee Board by the Directors, their appointment being then subject to confirniation by the Directors and Members in General Meeting. New Trustees are provided with copies of the Company / Charity governin8 dments by the Company Se¢rctsry and are 8iven the opportunity given to rnise any queries and are encouraged lo ask for any information. advice and clarification they f¢¢1 would bc helpful. All Trustees ar¢ required io wmplctc and sign a Declaration of Intere515 forni ¢a¢h year. and the matter of conflict of interests 15 8 standard agenda item at every Board Meeting. Renewal of trnstees During the year there were no resignations or new appointments. ArrAngements For Settlng Pay and Remuneratlon Ratcs of pay for newly recruited staff are determined through analysis of the labour market ftjr museum staff and affordability. Across the board annual pay increases are not awarded automalically. but aceording to affordability and included in the forecast budget whi¢h is subject to Board approval before the start of the financial year. Individu81 staff members can be awarded modest increases by the Trustee Board in recognition of outslandin8 perfonnance or other exceptional circumstances. Volunteers Our volunteers are a key part of the tearn and w¢ hp4ve worked hard to stay in touch with all of them io understand what ¢ontribution they could bring during the pandemic. As we expand our op¢ning times again, wc will consider whether we need to expand their number to hl¢ve a sustainable and sufficient operntin8 model. Organlsgtlonal strueture The Royal Welsh Regimental Museum Trust is governed by a group of up to sixteen trustee directors. The Charity'$ Objects are set out in ils"Articles of Association" adopted in 201 I, which clearly explains how the Charity should operate and set out the duties. powers, and responsibilities of the trustee directors. The trustees receive no remuneration for their work. The Trustees delegate the daily operation of the Museum to the Museum Operations Committe¢, working closely with thc CUTator, who in turn manages the Museum's staff and volunteers. Page 3
THE ROVALWELSH REGIMEKfAL MUSEUM TRusr TRUSTEEYS REPORT FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAIiS Registered Company number 07769242 {England and Wales) Reglstered Charlty number 1145031 Registered Office The Royal Welsh Rcgimentsl Museum The Barracks Thc Watton Brecon Powys. LD3 7EB Th13teey Bri8 (Rtd) R N Wardle OBE DL Col (retd) T J Van-Re¢s MBE ED DL Maj (retd) P F Kinsman TD FCCA Mrs D E Cresswell Mr R C May-Hill FCA Mr D M Warren LLB Mr N J Mansfield Mr N R Richardson Col S D Walker Ms R HaTTiS Chair Vice Ch&ir Treasurer Senior management team Ms A Rosewarn¢- Curator Company Seerelary Mr D M Warr¢Th LLB Independ¢nt Examlner WJJame5&Co Chortercd Accountants Bishop House 10 Wheat Street Brecon Powys LD3 7DG Bankers The Royal Bank of Scotland plc Holt's Brnneh Lawrie House Victoria Road Famborough Hampshire GU14 7NR Inv¢slment Advisers Evelyn Partners 45 GshaM Street London EC2V 7BG Page 4
DOcusn Envelope ID.. s7E323S868l437C4DAEA8AD286DSg THE ROYAL WELSH REGIMENTAL MUSEUM TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 STATEMEKf OFTRUSTEES. RESPONSIBILITIES The truses (who are also the directors of The Royal Welsh Regimental Museum Trnst for the purposes of eompany law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resource5 and application of resources, in¢luding the income and expenditure, of the charitable company for that period. In prepartng those financial statements, the tntstee5 are required io: select suitable accounting policie5 and then apply them eonsislently. observe the methods and principle5 in the Charities SORP 2019 (FRS 102): make judgements and estimates that are reasonable and Pent. stale whether applicable UK Accounting Standards have been followed. subje¢r to any material dq)artures disclosed and explained in the financial statemen prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable Company will continue in operntion. The trustees ar¢ responsible for keeping adequate accounting rordS that disclose with renable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies A¢t 2006. They are also responsible for safeguarding the &ssets of the charitable company and hence for taking reasonable steps for the prevention and d¢tction of fraud and other irregularities. 1011112025 Approved byorderofthe Board ofTrusteeson ..................... ............ and signed on its behalfby: SIBMdby. 09J22939PP•4E'." . Maj (reid) P F Kinsman TD FCCA- Tre&surer Page 5
Docuslgn En¥e ID: 57E32368l437DA¥CEABAD2e6DS9 INDEPENDE1 EXAMINER'S REPORT TO THE TRUSTEES OF THE ROYALWELSH REGIMENfAL MUSEUM TRUST Independent exsminer's report to the trustees of The Royal Welsh Regimental Museum Trnst ('the Company,) I report to the charity tTUStee5 on my examination of the accouJ)ts of the Company for the year ended 31 March 2025, which are set out on pages 7 to 22. Respon5ibillties and blS of report As the charity's trustees of the Company (and also its directors for the PUTPOSCS of company law) you are responsible for the preparntion of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.). Havirkg 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 company's accounts as Carried out under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my cxamination I have followed the Directions given by the Charity Commission under Section 145 (5) (b) of the 2011 Acl. IndependeDt examiner's sta¢ement I have completed my examination. I confirni that no rnatteTS have come to my attention in connection wilh the cxamination giving me cause to believe that in any material re5PeCt. 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 Tecords. or 3. The accounts do not ¢omply with the a¢¢ounting requirements of Section 396 of the 2006 Act other than any rcquirernenl that the accounts give a true and fair view which is not a matter considered as part of an independent examination. or 4. 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 Stsndard applicabl¢ in the UK and Republic of Ireland (FRS 102). I have no wncerns and have Come across no other matters in connectton with the examination to which tention should be drdwn in this report in order to enable a Proper understsnding of the accounts lo be reached. UMfo£lv Joanna Roderick B.Sc.. A.C.A. WJJam¢s&Co Chartered A¢untants Bishop House 10 Wheat Street Brecon Powys LD3 7DG Page 6
THE ROYAL WELSH REGIMENTAL MUSEUM TRU ATEmE OF FINANCIALACTivrriES {INCORPORATING AN INCOME AND EXPENDITURE ACCOUW FOR THE YEAR ENDED 31 MARCH 202S 2025 Total funds 2024 Totsl funds Unrestricted funds Restricted funds INCOME AND ENDOWMENTS FROM Donations and l¢ga¢ics 19.162 19,162 55228 Charltsbk aetivilles Education of the public in history and mililary Accomplishrnents 41.441 9.409 50,850 20.851 Other tr8din8 activities Investment income Other income 8.690 11.431 8.690 11,431 9.765 14.969 38J94 Total 80.724 9,409 90.133 139207 EXPENDITURE ON Raising funds 10.174 10.174 8.085 Charltsble artlvltl¢s Education of the public in history and military Accomplishments 107.727 6.715 114,442 111.725 Total 117.901 6,715 124.616 119,810 Net 8ains on inv¢slments 16.786 16.786 39.609 NET INCOMEI (DEFICIT) RECONCILIATION OF FUNDS Total fvnds brought forward (20.391) 1694 (17,697) 59,006 1,367,205 .367,205 1,308.199 TOTAL FUNDS CARRIED FORWARD 1,346.814 1694 1.349,508 1,367.205 Pa8e 7
DocLtygn Envelope ID: 57E3235&E681437C4DAA£E4BAD286D59 THE ROYAL WELSH REGIMENTAL MUSEUM TRUST BALANCE SHEET 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Intsngible assets Tongible assets Heritage assets Investments 15 16 17 800 381,421 15,853 482,436 800 381.421 15.853 482.436 1,400 384,488 15.853 471.827 880,510 880,510 873.568 CURRENT ASSETS Stocks Ikbtors Cash at bank and in hand 19 20 12,341 250.342 209,394 12.341 250.342 212,088 11,935 263,310 223.415 2,694 472,077 2,694 474,771 498.660 CREDITORS Amounts falling due within one year 21 (5,773) (5,773) (5,023) NET CURREwfASSETS 466.304 2.694 468.998 493.637 TOTALASSETS LESS CURRENT LIABILITIES I J46,814 2.694 1.349.508 1.367.205 NET ASSETS 1.346.814 2,694 1,349.508 1.367,205 FUNDS Unrestricted funds Restricted funds 22 ,346.814 2,694 1,367.205 TOTAL FUNDS 1,349.508 1,367,205 The charitable company is entitled to exernplion from audit under seetion 477 of the Companies Aet 2006 for the year ended 31 March 2025. The mernb¢rs have not required the MpanY to obtsin an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) Ensuring that the charitable company keeps accounting records Ihat comply with Sections 386 and 387 of the Companies Act 2006 and (b) Preparing financial ststements which give a true and fair view of the $tatc 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 oihenvise comply with the requirements of the Companie5 Act 2006 relating to financial ststements. so far as applicablc to the charitsble company. These fin8ncial statements have been prepared in accordan¢¢ with the provisions appli¢abl¢ to charitable companies subject to the small companies r¢gime. The financial statements were approved by the Board of Trustees and authorised for issue by 1011112025 aJ'tTre VIVPki'n5rnan TD FCCA Trwurer Dat¢ Page 8
THE ROYAL WELSH REGIMENTAL MUSEUM TRU NOTES TO THE FINANCIAL ATEmENTS FOR THE YEAR ENDED 31 MARCH 2025 rATLryORY INFORMATION The Royal Welsh Regirnentsl Museum Tntst is a company lim11 by guarantee incorporn¢ed in Walcs within the Uniled Kingdom. The registered office is The Watton. BreL¥)n. Powys. LD3 7EB. The financial statements arc presented in Sterling (£K the Company's functional curren¢y. and rounded to the nearest pound. The significant aceounting policies applicd in the preparation of these finan¢ial stsicments arc set out below. These policies have bccn consislentty applied to all years presented unless otherwise stsled. 2. AccOU1NG POLICIES BA51s of preparlng the fin4neial statements The finan¢ial statements of thc charitable ¢ompany. which is a publi¢ benefii entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Rep)rting by Charities: Ststement of Recommended Practice applicable lo charities preparin8 their accounts in accordance with the Financial Reportin Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l 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 ststements have been prepared under thc hislorical cost convenlion with the exception of investments which are included at fair value. Ineome All income is re¢ognised in the Ststement of Financial Activities once the charity has entitlement lo the fund& it is probablc that the income will be received and th¢ amount can be musured reliably. This includes capital grnnts Donatlons and legaclu Income Donations and Icgacies income includes donalions gifts and grants that pmvidc core fijnding or arc of a genernl nature are re¢o8ni5ed whcre there is entitlemenL probability of receipt and the amount can be measured with sufficient reliability. Such inwme is only deferred when ihe donor spe¢ifies it musi be used in fvture accounting periods or the donor has imposed conditions which must be mel kfore the charity has unconditional ¢ntitlement. Income from tharliable aetivltles In¢om¢ from charitable Ktivitics includes income received under contrad or where enlillement to grant funding is subject to specific perfoance conditions. This income is recognised as the related seNices are provided and th¢re is entitlernent. probability of receipt and the amount ¢8n be measured with sulTi¢ient reliability. Incomc 15 deferred when the wnounts received are in advance of the perforniance of the service or event ¢0 which they relate. Other trgdlnz #etlvlties income In¢ome from other trading activities includes InMe re¢eivcd under contract. This in¢ome is recognised as the related services are provided and there is entitlemenL probability of rK¢ipt and the amount can be measured with suITi¢ient reliability. Income is deferred when the amounts received are in advance of the perfomiance of the service or event to which ihcy relate. Investment Ineome Investment income is recognised on a receivable basis. Donated goods Income received from donated goods is rcco8nised on the sale of the goods. It is not the policy of the ¢harity to show income net of expendithre. Expenditur¢ Liabililie5 are recognised as expcnditure as soon as there is legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in s¢ttl¢ment and the amount of th¢ obligation can be measured reliabty. Expendiiure is attounted for on an acc15 basis and has been classified under headings that aggregate all 5t related to the category. Where costs cannot be dirertly attributed to particular hcadings they have been allocat¢d lo activitic5 on a basis consistent with the use of resources. Page 9
THE ROVAL WELSH REGIMENTAL MUSEUM TRU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- continued 2 ACCOUNTING POLICILS- continued Expendlthye Expenditure on raising fi]nds include c4)sts of fundraisin& cvcnts and shop expendithre. Expenditure on charitable expenditure compriscs those w5ts iDCUTred by the charity in the delivery of its activities and services for its beneficiarics. It includcs both costs that can be allocated dircctly to such activitics and those costs of An indireet nature nettssary to support them. Support costs are those $ts thaL whilst necessary to deliver an activity. do not themselves produce or constitute the output of th¢ charitable activity. This includes 8ovemance costs which are ihose costs associated with meeting the constitstional and statutory requirements of the charity and includ¢ the aw)unlancy fees and costs linked to the sfr7te8i¢ management of the charity. Inlanglble assets Intangibl¢ assets are ¢apitaliscd at cost. Amortisation 1$ calculad so w to wri off the cost of an &e( less its estimated residual valu¢. over the useful life of that asset u follows: Website d¢v¢lopmenl costs Over 5 yea Tanglble fixed assets Fixed assets are capitalised at cost. Ikpreciation is calculated so as to write off cost of In ass¢t. l¢ss its esiimated residual value. over the useful life of that asset as follows . Fixtures and fittings Computer cquipment Freehold property IO% Straighi line IO% slrnighi line 2Y• Straight line Herftge Assets Heritsge asscts are reco8nised on the bolance shttl and initially measured at cost when purchased or if donated. their V8Juation if known. Assets are subsequcnily 5tsted at CQS( or valuation less accumulated depreciation and accumulated impairnient losses. Fair values for donated assets are estimated by reference io market prices. Those herilage assets Currently rffognised on thc balance sheet have indefinite lives and are theTefore nol depreciatrd, but revicwcd at each reporting date for impairnient. Where inforniation on the cost or valuation of heritage assets is not available or the cosi of providing such inftimation significantly outweighs any benefit to the users of the accounts then hcritagc assets are not recognised on the balance sheet. The Museum maintains a regist¢r for its lleCtionS of herits8e assets which records the nalurei provenance and currcnt location of each asseL Investments Investments arc included at market value at the balar sheet date. Realised and unrealiged gains or losses on investments are shown separly on the face of the statement of financial ac¢ivities. Investm¢nt inwme is recognised on a re¢eivable b&8iS. S¢oeks Stocks are valued It the lower of cost and net reall1¢ valuc. after making duc allowance for obsolcie and slow moving items. Taxation The charity is exempt from corporation tax on its ¢haritable activitie Page 10
DOcEgn Envelope ID.. 57E3235&E681437C-8DA¥CEABAD286D59 THE ROYAL WELSH RECIMENTAL MUSEUM TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- continued AccouNfiNG POLICIES- continued Fund accounting Unrestricted funds can be used in accordance wilh the chaTitsbl¢ objectives at th¢ discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Rcstri¢tions arise when specified by the donor or when funds are rnised for particular restricled PUTposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Pension eosts and other post-reifirement 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. inan¢lal Instrnmenl$ The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instrnments. Basic financial instruments are initially recogniscd 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 accrned inteTe5t. Debtors Trnde debtors and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments ar¢ valued * the amount prepaid net of any trade discounts due. Creditors Creditors are regnIsed where the Charity has a present obligation resulting from 8 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. Creditor5 are nornially recognised at their settlement amount after allowing for any trade discounts d. 3. DONATIONS AND LEGACIES 2025 2024 Donations Bequests 19,162 24,326 30.902 19.162 55,228 Pagell
Do[ ErNelope ID: SIE3235&E681437C4DAA-CEABAD286D59 THE ROYALWELSH REGIMENTAL MUSEUM TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- eontlnued 4. OTHER TRADING ACTIVITIES 2025 2024 Shop sal¢s 8,690 9.765 5. INVESTMENT INCOME 2025 2024 Dividend income Deposit account interest Interest rcceivable Interest receivable - loan 2.308 4.787 5.651 4.200 853 4.265 4.336 11,431 14,969 O. INCOME FROM CHARITABLE AcfiviTIES 2025 2024 Museum operation- admission Tcceipts Grants 29.412 21,438 9.339 11,512 50,850 20,851 Grants received, included in the above, are as follows: 2025 2024 Arniy Museums Ogilby Tntst PAVO 12.029 9,409 11,512 21,438 11,512 7. RAISING FUNDS Raising th)nations and legacies 2025 2024 Shop expenditure Museum event expenses Bad debts 5.925 53 4.374 52 (187) 5,978 4.239 Investment management fees 4,196 3,846 Aggregate amounts 10,174 8.085 Page 12
Do¢u5ign Envelope ID: 57E3235&E681437C.8DM£EABAD280D59 THE ROYALWELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- eontlnued CHARITABLE A1VITIEs COSTS Direct Costs (see Note 9) Support Costs (see note 10) 2025 Totals 2024 Totsls Education of the public in history and Military accomplishments 111.862 2,580 114,442 111.725 9. DIREcf COSTS OF CHARITABLE ACTIVITIES 2025 2024 Staff costs Motor and trnvcl expcn5CS Insurance Education Collection management Postage and stationery Advertising Sundries Website and internet Repairs and renewals Bank and credit card charges Computer expenses Legal and professional fe¢s Rat¢5 Depreciation Subscriptions 71,647 561 7,926 65.841 581 2.615 425 6,811 136 3,411 362 1,064 1,804 641 393 12,650 1.346 9,394 273 238 96 925 3,268 890 614 11.788 3,584 10,042 223 111,862 107,747 10. SUPPORT COSTS Governance Costs 2024 Education of the public in history and Mililary accomplishments 2,580 3,978 Page 13
THE ROYALWE[H REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDED 31 MARCH 2025- Contlnued I I. NET INCOME I (EXPENDITURE) Net income l (expenditure) is stated after charging l (ltIng) . 2025 2024 Depreciation- owned assets Website development Costs amortisation Independent examiners ftes 9,442 600 2.580 8,794 600 2,442 12. TRUSTEFS, REMUNERATION AND BENEFIIS There were no trustees. r¢muneralion or other benefits for the year ended 31 March 2025 or ftir the year ended 31 March 2024. 13. STAFF COSTS 2025 2024 Salaries Social security Pension contributions 70.872 65,162 775 679 71,647 65.841 Numbcr of employces Equivalcnt fiill time employees No employce received emoluments in excess of £60,000. The total key management personnel remunerntion benefits paid during the year was £32,063 (2024: £32,296). 14. COMPARATIVES FOR THE ATEmE OF FINANCIALAcrivmES Unrestricted funds Restricted funds Totsl fund5 TNCOME AND ENDOWMENfs FROM Donations and legacies Charitabk activities Education of the publi¢ in history and military Accomplishments Other trading a1vill¢S Invcstrnent income Other income 55228 55,228 9J39 9.765 14,969 38.394 11,512 20.851 9.765 14.969 38,394 Total 127.695 11,512 139,207 EXPENDITURE ON Raising funds Charitable 2etMties Education of the public in history and militsry Accomplishments 8.085 8,085 100.213 11.512 Page 14
OLn En¥dope10: s7E323568l437cDA4££ABP2)Dsg THE ROYALWELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDED 31 MARCH 2025- continued 14 COMPARATIVES FOR THE ATEMEry OF FINANCIALA1v[TtLS- eontinued Unrestricted funds Restricted fund5 Total funds Total 108298 11,512 119.810 Net gains on investments 39,609 39.609 NET INCOME 59.006 59.006 RECONCILIATION OF FUNDS Total ndS brought forward 1.308.199 1.308,199 TOTAL FUNDS CARRIED FORWARD 1.367,205 1.367.205 15. INTANGIBLE FIXED ASSETS Websile Development Costs COST At l April 2024 and 31 Marth 2025 AMORTISATION Al l April 2024 Charge for y¢ar 3,000 1,600 600 Ai 31 March 2025 2,200 Nrr BOOK VALUE At 31 March 2025 800 Ai 31 March 2024 1.400 16. TANGIBLE FIXED ASSETS Fixtures Freehold Property Computer equipment fittings Totals cosr At l April 2024 Addition5 390,000 32.075 lJ95 3.169 4,980 425.244 6,375 At 31 MaTch 2025 390.000 33.470 8,149 431.619 DEPRECIATION At l April 2024 Charge for year 8,450 7.800 31228 827 1.078 815 40,756 9,442 At 31 March 2025 16.250 32.055 1.893 50.198 NET BOOK VALUE Ai 31 Mh 2025 373.750 1.415 6.256 381.421 At 31 Mah 2024 381.550 2.091 384,488 Pagc 15
THE ROYAL WELSH REGIMENfAL MUSEUM TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- continued 17. HERITAGE Asstrs Total MARKET VALUE At l April 2024 and 31 Marth 2025 NET BOOKVALUE At 31 March 2025 15,853 15,853 At 31 March 2024 15.853 The Museum has a collrftion of mililary artefacts covering the last 300 years which are held in suppK)rt of the Museum'5 primary objective of increasing knowledg< undending and appreciation of the regiment. 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 nathre of the &ssets held, the number of assets held and the lack of comparable market Values. The museum does not therefore recogni5e these assets on its Balance SheeL other than recent acquisitions which are rq)orted at cosL where the object 1$ pUhaSed. or at the Museum ¢urator's best estimate of current value wher¢ the object is donated. Expenditure which. in the trustees. view. is required to pr¢scTvc or clearty prevent furtherdeterioration of individual lleCtIOn itcms is recognised in the SOFA when it is incurred. The main heritage ¥ss¢ts recognised in the Balance Sheel in¢ludc: A letter written by Walter Dunne following the defence of Rorke's DrifL This was acquired at auction on 15th November 2014. The total cost after grants iowards thc purchase was £4,755. A portrait of an officer of the 24 Regiment of Fcjot by Sir George Chalmers, 1754. The portrait was purchased for £7,200 on 20 June 2019. A portrnit of a young officer of the 41 St (The Welsh) Regiment on foot was purchased for £1.704 in March 2021. The museum maintains a regtster for its collections of herilag¢ assets which records the nature, provenance and urrent lo¢ation of each ass¢L 18. FIXED ASSET INVESTMEKrs Listed inv¢slments MARKET VALUE At l April 2024 Additions Disposals Rcvaluations 471.827 306,996 (303.645) 7.258 At 31 March 2025 482.436 NET BOOK VALUE At 31 March 2025 482,436 At 31 March 2024 471.827 2025 2024 UK bonds and equities Overseas equities Other invcstmcnts UK Cash held as part of p)rtfolio 140.821 315,535 26.080 168,341 248.511 49.712 5.263 482.436 471.827 The historical st of the investsnents held at 31 March 2025 was £422.656 (2024 . £ 420.405). All investments are held lo primarity pn)vid¢ a return for the charity. Page 16
DO81 EfNelope ID.. S7E32356a1437c-8ljAEID286D59 THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO ThE FINANCIAL ¥fATEMEI¥TS FOR THE YEAR EF4DED 31 MARCH 2025- Continued 19. sfocKS 2025 2024 Stocks 12J41 11.935 20. DEBTORS 2025 2024 Amounts falling duc within one year. Trade debtors Other debtors Other loans Prepayments and accrued income 743 2.2A3 500 11.123 362 11.123 486 12.352 14,198 Amounts falling due after MO than one year. Other loans 237,990 249.112 Aggregate amounts 250,342 263,310 21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Other creditors Accruals and def¢ed income 3,273 2.143 267 2.613 2,5(10 5.773 5.023 22. MOVEMEKf IN FiINDS At l April 2024 N¢1 movement in funds Transfers between funds At 31 March 2025 Unrestricted funds General fund Designated fimd~ Fulure museum move or Renovation Designated fund- Fixed assets fvnd Designated fund- Loan to sister museum Restricted fund- Zulu 586.779 (22.485) 9.083 573J77 500.000 20,191 260235 500,(KIO 24,324 249.113 2,694 {2242) 4J36 2.694 6.375 (15,458) TOTAL FUNDS IJ67205 (17ffj97) I )4908 Page 17
Dw$*n EnrIOpe ID: 57E3235B-E881437C4DA4£EABA0286D59 THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- contlnued 22. MOVEME1 IN FUNDS- eontinued Net movement in fvnds. included in the above as follows: Incomtng resources Resources expended Gain5 and losses Movement in funds Unrestrleted funds G¢neral fund Designated fund- Fixed assets fund Designated fvnd- lan to sister museurn 76,388 (115.659) (2,242) 16,786 (22.4851 (2,242 4,336 4,336 80,724 (117,901) 16,786 (20.391) Restrleted funds Zulu 9.409 (6.715) 2,694 90.133 (124.616) 16,786 (17.697) Comparadveg for movement ID funds At April 2023 Net mov¢ment in funds Transfers between funds Ai 31 March 2024 Unrestrlct¢d tknnds General fund Designated fund- Future museum move or Renovation Designated fund- Fixed assets Ibnd Designated fund- Loan to SiSt¢r museum 527,630 56,335 2.814 586,779 500,000 21,599 258,970 500,000 20,191 260.235 {1,594) 4.265 186 (3,000) IDTAL FUNDS IJ08,199 59,006 lJ67.205 Comparntive n¢t movement in fund4 in¢luded in the abovc are as follows: Incoming resour¢es Resources expended Gains and losses Movement in funds Unrestrlcted fundi General fund Designated fund- Fixed assets fund Dcsignated fund- Loan lo sister museum 123.430 {106.704) (1.594) 39,609 56.335 (1.594) 4,265 4,265 127,695 (108,298) 39.609 59.006 Restricted fund5 Museum Staff fund 11512 (11.512) TOTAL FUNDS 139307 {119810) 39.609 59,006 Designated fund- Museum move or renovatlon Funds of £500,000 hav¢ been set aside by thc Board towards a future Museum move or renovation. Designated fund- Fixed assel fund Funds of £24,323 have been set aside to match the net book value of intangible assets. tangible fixed assets and H¢ritsge assets. The tangible fixed assets element of this fund is excluding the freehold property. Page 18
DociAlgn Envelope ID: S7E3235&E681437C4DA4-CE4Wa86D59 THE ROYAL WELSH REGIMEAL MUSEUM TRU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S- continued 22. MOVEMENT IN FUNDS- conllnued Designated fund- irt)an to sister Musemm Funds of £249.113 have been sel asidc to match a loan balance due to the ¢harity from a sister Museum. Firing Line Ltmiled. Restricted lld- Zul Funding was rK¢ived from PAVO. Museum Staff Fund Funding was rtteived from the Anny Museums Ogilby Tn to cover the costs of hours W0¢d by one member of staff in their capacity as a civil seryanL Ihnsfers between funds A transfer of £15.458 has been made fyom the designated loan to sisler museum fimd to the general ftmd, representing loan repayments in the year. A transfer of £6,375 has bccn made from the general fund lo the designated fixed assets fund repres¢nting ¢apital movements. Prior r transfers A transfer of £3,000 has been made from the designated loan to sister museum fimd to the general fiin(L representing kmn repayments in the yw. A transfer of £186 has been me from the gencral fvnd kn the designated fixed assets fund rcprescnting capital movements. 23. EMPLOYEE BENEFIT OBLIGATIONS The charity operntes a defined contribution scheme. The pslon costs charge for the year represents contributions payable by the charity to the herne and amounted to £775 (2024- £679). At the year end ther¢ were outstanding Contributions of £NIL (2024 - £132). 24. coGENT LIABILITIES By an agreement dated 27 June 2020, it was agreed that on the sale of the property the remaining k)an balance and any payments of capital and interest due from Firing Linc Limited. will be transferred or assigned io the Royal Welsh Regimentsl and Welfare Benevolence Fowidation. The amounl of the loan at the 31 Mah 2025 w&8 £249,112. 2S. RELATED PARTY DJSCLOSURES During the year the ¢harity entered into transa¢tion5 with the following related parties: Name of related party Firing Line Limited The Friends of the Royal Welsh Regimental Museum Relationship Significanl influence Trnstees in common Nm¢ of related party Ihnsaetion 2025 2024 Firin8 Line Limit¢d ixAn intewest re¢¢ivJblc 4,336 4.375 Name of related party 2024 NtuTe of balance 2025 Firing Line Limited L(wi debtor 249,113 260.235 Page 19
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- continued At the 31 Mah 2025 an amount of £Nil (2024: £45) was owed by a Tru5tce, Dorcas Cresswell to the charity in respect of an oveTpaym¢nt in rclation lo a reimbursemenÉ of costs incurred for a tsustee lunch. During the year the charity received unconditional donations of £184 from one Intstce (2024: £976 fivm one ITUStee). 26. FINANCIAL INSTRUME 2025 2024 Flnancial assets Financial assets measured at fair value thmugh SOFA Financial assets that are debt instruments measured at allx)rtiscd cost 482,436 474,771 471.827 494.033 957.208 965,860 Financial fiabilities Financial liabilitics measured at amortised cost 5.773 5.023 Financial assets measured ai fair value comprisc of fixed asset investments. Financial assets measured at amortised wsl Comprise of cash, st tth debtors other debtors and other loans. Financial liabilities measured at amortised Cost compris¢ of tradc creditor4 other ¢reditor5 and accrual& Page 20
Docuslgn Envelope ID: 67E3235&E681437C4DA4-CEABAD286D59 THE ROYAL WELSH REGIMENTAL MUSEUM TRUST DETAILED STATEME1 OF FINANCIAL A1VITIEs FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 INCOME AND ENDOWMENTS Donations and legacie5 Donations Bequests 19.162 24,326 30,902 19,162 55,228 Other trading 8ctivitRes Shop sales 8,690 9,765 Investment Income Dividend income Deposit account interest Interest receivable Interest receivable- loan 2.308 5,651 4.200 853 4265 4.787 4,336 11,431 14.969 Chgrltable activities Museum operntion - admission receipts Grants 29,412 21,438 9J39 11,512 50,850 20,851 Other ineome Sundry in¢ornc 38J94 TOTAL INCOMING RESOURCES 90.133 139207 EXPENDITURE Raising donations and legacies Shop expenditur¢ Museum event expenses Bad debts 5,925 53 4.374 52 {187) 5,978 4,239 Investhient management costs Investment management fees 4.196 3.846 Charltable aetivitles Wages Pensions Motor and travel expenses Insurance Education Colle¢tion management Poslage and stslionery Advertising Sundries Website and internet 70,872 775 65.162 679 581 2.615 425 6,811 136 3,411 362 1,064 7.926 60 238 96 925 Carried forward 81,036 81,246 Page21
THE ROYALWEtSH REGIMEKfAL MUSEUM TRU DETAILED sfATEMENf OF FINANCIALATIEs FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Charitsble aetivities Brought ftirward Repairs and renewals Bank and CTedit card charges Computer cxpenses Legal and professional fee5 81,036 3,268 890 614 11.788 3,584 600 7.800 827 81246 1,804 641 393 12.650 1.346 600 7.800 677 Website development ¢osts amortisation Frtthold property depreciation Fixtures and fittings depreciation Computer equipment deprecilon Subscriptions li 815 223 317 273 111.445 107.747 Support Costs Govenbance costs Independent exarniners remuneration Motor and travel expenses 2,580 417 3.420 558 2,997 3,978 TOTAL RESOURCES EXPENDED 124,616 119.810 Net incomel Ooss) before galns and losse5 (34.483) 19,397 Realised reeognlsed gains 2nd losses Realised gains l (losscs) on fixed wet Investments 16.786 39,609 Net ILcome l (Loss) (17.697) 59,006 Page 22